Like many young adults, I have student loans. In high school I made slightly above average grades that didn’t land me a scholarship. However, I am not ashamed of having student loans either. Granted, I would love to not have the burden of student loans but for me, it is just a dream.
After graduation, I knew that the time was coming to start paying my student loans back. When it comes time to pay those back, you are given a couple different options. The options I was given were to pay back the loan in a 10 year period, start at a lower amount to pay back and then over time the pay would increase and then to defer my loans. Keep a couple things in mind when trying to decide how to pay back your student loans. Some of the plans they have to pay back loans, make you pay them back for a longer period of time. The longer you have to pay the loan back, the more interest you will be paying. Deferring a loan is not always the best on your credit score. It won’t damage the score harshly but it will be noted on your score. If you miss a payment, it will hurt your credit score.
Don’t be shocked when you see the amount you have to pay back every month. It may seem like a lot, but God won’t give you anything you can’t handle. He has a plan and He won’t leave you unable to make things work out in the end. Set aside money at the beginning of the month to pay that student loan. If you are able to, set aside one month’s worth of student loan payments just in case you are unable to pay the bill.
If you come to a month where you cannot make the payment, give the federal loan company a call. Sometimes they will work with you to skip or delay a payment depending on if you have ever missed a payment in the past or not. Whatever comes your way, just know that you don’t have to feel guilty for having student loans. It doesn’t make you a bad person.