Paying back your student loans plays a big part in your financial health and future, the pause went to effect in 2020 and it’s three years we’re finally restarting payments again, if you’re unsure about the plans available to you check out our other blog post on the types of plans and how to find the right one for you here. Moving on, transitioning to making payments again (or for the first time) may be hard for a lot of us, so in this blog post, we’ll be sharing with you how to find the motivation and keep yourself in check to make those payments!
Automate Your Payments:
The first tip that we have is to set up automatic payments, doing this will ensure that you never miss a due date. And even though Biden has given a 12-month grace period during this time, (meaning borrowers will be shielded from the worst consequences of missed payments) it’s better to reinforce your commitment to repayment now, if you’re able to. This will not only help you avoid late fees in the future (after the grace period ends) but also knowing that the money is automatically deducted from your account can be a relief.
Find an Accountability Partner:
You most likely know someone who also has student loans (and maybe have been keeping each other updated with news about them.) Having someone to share your journey with can make a significant difference. Whether it’s a friend or family member keeping in touch about each other’s progress will be rewarding in itself, if you feel like you’re struggling to stay motivated or facing financial hardship, don’t hesitate to seek help from a financial advisor or counselor. They can provide expert advice and tailored strategies to keep you on track. On that note be sure to shoot us a question! We’re always happy to help.
Treat yourself when you hit specific milestones or achieve certain goals, after all, you deserve it! of course, it doesn’t have to be extravagant; it could be as simple as a night out at your favorite restaurant or a small purchase you’ve been looking to buy. Rewards can make the process more enjoyable be sure to save the best for the last or the final stretch, and take a moment to think about what would you reward yourself after making all your payments.
Educate yourself about your student loans and repayment options. Understanding the impact of interest rates and how various repayment plans work can motivate you to pay off your loans faster. Knowledge is power, and it can drive your determination. There are constantly new updates and developments being released, in addition, life is unpredictable, and financial setbacks can happen. We’ve seen it with our clients and the work that we do. Instead of feeling discouraged, adapt to these challenges. Explore alternative payment plans or consider refinancing options to make your journey more manageable this is why it’s extremely important to ensure that you understand each plan and have another one in mind in case of the unpredictable.
Visualize Life After Debt:
Imagine how your life will improve once your student loans are paid off. Visualize the financial freedom, reduced stress, and opportunities that will come your way. Keeping this vision in mind can keep you focused on your goal. Keep a diary of the progress made and write down what you’ll do after you pay off your debt it may seem far off but knowing it’ll happen and having an idea of what that might look like will fuel your determination.
Remember that the journey to paying off student loans is a marathon, not a sprint. Stay committed, celebrate your progress, and keep your eyes on the prize of financial freedom. And as always, be sure to follow us on our socials to get the latest news on student loans!