how to handle student loan debt

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How to Handle STUDENT LOANS #CreditChat

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Stephanie Halligan from EmpoweredDollar.com and other personal finance writers share their advice on how to college graduates can pay off their student loans. Join our weekly #CreditChat every Wednesday at 3 p.m. ET.

TRANSCRIPT

Page 1: How to Handle Student Loan Debt

How to HandleSTUDENT LOANS

#CreditChat

Page 2: How to Handle Student Loan Debt

Check out all the tweets here:

bit.ly/payoffcollege

Join our Experian #CreditChat every Wednesday at 3 p.m. ET. This week, we tweeted with Stephanie Halligan about paying off student loan debt. “

#CreditChat

Page 3: How to Handle Student Loan Debt

#CreditChat

Stephanie Halligan draws comics about money at EmpoweredDollar.com, a personal finance web comic dedicated to crushing debt and creating financial freedom.

When she's not doodling or blogging, she's helping startups and nonprofits design financial education apps and programs. Follower her @EmpoweredDollar

FEATURING

Page 4: How to Handle Student Loan Debt

COLLEGE LOAN STATS

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#CreditChat

The graduating class of 2014 is the most indebted in history, with 70% of the newly-minted undergrad degree holders carrying an average debt of $33,000 each.

“#CreditChat

Source: Forbes.com

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#CreditChat

More than 7 million borrowers are in default on federal or private student loans.

Source: CFPB, 2013

#CreditChat

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#CreditChat

More than 40 million Americans have student loan debt, amounting to roughly $1.2 trillion in outstanding debt.

#CreditChat

Source: FoxBusiness.com

Page 8: How to Handle Student Loan Debt

Q1: What should students know before taking a college loan?

#CreditChat

Page 9: How to Handle Student Loan Debt

STUDENT LOAN TIP Don’t borrow more than you need.

Tweet by @EmpoweredDollar

#CreditChat

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STUDENT LOAN TIP Don’t sign the dotted line until you’ve read the terms.

Tweet by @mikedelgado

#CreditChat

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STUDENT LOAN TIP Know the difference between a subsidized

Tweet by @Finovera

and unsubsidized loan.

#CreditChat

Page 12: How to Handle Student Loan Debt

STUDENT LOAN TIP Talk to the financial aid officer about your financial

Tweet by @EmpoweredDollar

aid package before accepting loans.

#CreditChat

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Hat tip to @BrokeMillennial

BrokeMillennial.com#CreditChat

Wednesdays | 3 p.m. ET

STUDENT LOAN TIP Set-up a budget. Find out how much money

Tweet by @AdvantageCCS

you actually need.

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Q2: What do you think about going to junior college to reduce student loans?

#CreditChat

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Regardless of where you go, picking a high value college is

Tweet by @EmpoweredDollar

one of the most important money decisions you can make.

#CreditChat

CHOOSING A COLLEGE?

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#CreditChat

Always be picking based on the VALUE not the brand name. Tweet by @BrokeMillennial

CHOOSING A COLLEGE?

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#CreditChat

Students should always be evaluating the ROI of their education. Tweet by @Magnify_Money

CHOOSING A COLLEGE?

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Q3: What are ways to save money while in college?

#CreditChat

Page 19: How to Handle Student Loan Debt

Tweet by @Finovera

HOW TO SAVE MONEY IN COLLEGE Don’t buy books on campus. Buy/Rent books online.

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Don’t leave free money on the table.

Tweet by @EmpoweredDollar

Keep applying for scholarships and renew your FAFSA.

#CreditChat

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It isn’t always cheaper to live on campus.

Tweet by @Finovera

HOW TO SAVE MONEY IN COLLEGE

#CreditChat

Find some friends and pitch for a house close to campus.

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Q4: What tips do you have for grads trying to figure out their finances?

#CreditChat

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Tweet by @asmarterchoice

Track spending so you understand where your money is going.

#CreditChat

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#CreditChat

Tweet by @EmpoweredDollar

Put even a little money aside every month.

#CreditChat

Start a savings habit.

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#CreditChat

Avoid overdraft fees by always knowing how much is in your account. Tweet by @BrokeMillennial

#CreditChat

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Make student debt repayment a “need” expense to budget for

Tweet by @pjeg14

#CreditChat

and set-up an automated payment.

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Q5: What are some ways to pay off a student loan faster?

#CreditChat

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Grads, please negotiate your salary! That’s extra money to pay off debt. Tweet by @EmpoweredDollar

#CreditChat

HOW TO PAY COLLEGE DEBT FASTER

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#CreditChat

Start paying down your student loan during your grace period. Tweet by @AmericaSaves

#CreditChat

HOW TO PAY COLLEGE DEBT FASTER

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Tweet by @BWFeldman

#CreditChat

HOW TO PAY COLLEGE DEBT FASTER

Use a tracking tool like @ReadyForZero

Do biweekly payments, get side income, pay highest interest rate loans first.

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Hat tip to @BrokeMillennial

BrokeMillennial.com

Q3: Any favorite apps or sites to help you research a home?

#CreditChatWednesdays | 3 p.m. ET

Before rushing into paying off your student loan faster,

Tweet by @FinEdChat

decide if it makes mathematical sense.

#CreditChat

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Q6: How do you balance paying off student loan debt while investing for the future?

#CreditChat

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You can never rewind the retirement clock.

Tweet by @EmpoweredDollar

Get on the compounding returns while you’re young!

#CreditChat

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#CreditChat

Try and save at least $500 for emergencies while paying down debt.“

- @AmericaSaves

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If you can only save $5 a month, do it!

Tweet by @magnify_money

Start the habit. That’s important.

#CreditChat

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Tweet by @mikedelgado

Grads, start that 401(k) or IRA plan right away.

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#CreditChat

#CreditChat

Paying debt vs. saving/investing?

Tweet by @EmpoweredDollar

You have to do both. Don’t ignore your retirement.

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Q7: What should you do if you’re having trouble paying your student loan?

#CreditChat

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Tweet by @EmpoweredDollar

#CreditChat

If you run into trouble, whatever you do, don’t just stop making payments! That can lead to trouble.

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Tweet by @AmOneMoney

#CreditChat

If you have a federal student loan, learn about deferment and forbearance.

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Q8: Any final tips for paying off student loan debt?

#CreditChat

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Tweet by @EmpoweredDollar

#CreditChat

Student loans can feel overwhelming. Don’t forget to celebrate the small wins!

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Know that you can write off loans and your expenses from college in your taxes if you claim yourself.

#CreditChat

Tweet by @Finovera

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Be aware of current legislative efforts to help student borrowers!

Tweet by @CarissaUhlman

Learn about the refinance act.

#CreditChat

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Join us every Wednesday at 3 p.m. on Twitter!