Just Finishing College? Plan How to Pay Your Student Loans

Putting on a cap and gown and being handed your college diploma may feel like a huge relief. But it also marks a major financial transition: It's time to switch from using your student loans to getting serious about repaying them. By analyzing your financial circumstances, you can make repayment decisions that are right for you, and position yourself for a strong financial future.

The first step in creating a repayment plan is to make a detailed budget showing your income, expenses and debt. This will help you understand what you have to work with, and where your money is going.

Next, determine what kinds of student loans you have. Your repayment options may vary depending on whether they're federal or private loans - and what type of loan within those categories.

Explore Your Options

If you're struggling with debt, there may be options to reduce your burden - at least temporarily:

• Deferment means you can temporarily postpone student loan payments. It is only available under certain circumstances. (Check SallieMae.com for more information.) Depending on your loan, the interest may also be suspended, or it may continue to accrue.
• Refinancing the loan at a lower rate or for a longer term may help reduce your payments.
• Forbearance postpones or temporarily reduces your payments, but whatever the type of loan, interest will continue to accrue.
• Cancellation of part of your loan through loan forgiveness may be an option if you perform military service or volunteer work or if you teach or practice medicine in certain needy communities.

If you're feeling overwhelmed by your student loans, contact us about loan consolidation options. We may be able to help you lower your monthly payments by combining several loans into one packaged loan and extending the repayment period. Contact our Member Service Center at 800.325.0808 or visit affinityfcu.org/ education for further information.

Back to Top

Securities and investment advisory services offered by Affinity Investment Services, LLC, 73 Mountain View Boulevard, Basking Ridge, NJ 07920, member FINRA/SIPC. Investments offered by Affinity Investment Services are not deposits or obligations of Affinity Federal Credit Union. They are NOT NCUA INSURED and NOT GUARANTEED by Affinity Federal Credit Union or any governmental agency and are subject to INVESTMENT RISK, including LOSS of PRINCIPAL. Investments may lose value. Affinity Investment Services, LLC is a wholly owned subsidiary of Affinity Federal Credit Union. Business Continuity Disclosure Statement.