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Strike First, Strike Hard, No MercyMay 24 '00 Write an essay on this topic.This has to be your attitude when dealing with student loan repayment. The things that have been said here about student loans are mainly true. Don't borrow what you don't need, and budget yourself properly so that you don't waste money. If you have some left over, save it, and borrow less the next year. Basically, when you are a student, live like one. The trick with student loans is the same as with other types of loans and credit cards; interest is a pain, and it accumulates very quickly! Therefore, to minimize the additional cost of the loan, you must pay off your student loans as quickly as possible. Furthermore, as many people have stated, life starts to really take off after college. People want to get married and start families. They don't want to be in debt for their student loans for up to ten years after they graduate. Therefore, it is only logical that paying off your loans early (and as soon as possible) is in your best interest. While you're in school, you basically lived in poverty. When you graduate and get a job, if you continue to maintain the same standard of living for the first couple of years while employed, you should be able to amass a relatively large amount of extra money, which can be applied directly to your student loans, allowing you to pay them off in only a couple years. A friend of mine followed this advice, and was able to pay off his entire 40k debt in two years and now is debt free. I realize that this may be a tough decision to make, and living like a student gets really old really quick, but the problem that student loans present cannot be avoided. There are a number of advantages to paying off your loans as quickly as possible and few cons: you don't pay as much interest (less cost) and you get your life back quickly. In my opinion, this is worth far more than the inconvenience of living like a student for an additional year.  |
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