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Managing Student Loan DebtManaging Student Loan DebtPICPAThe Pennsylvania Institute of Certified Public Accountants
PICPA is a professional association of more than 22,000 CPAs working together to improve the profession and serve the public interest. Managing Student Loan DebtKnow What You OweImportant information to know about your loan(s):How much is the principle?How much is the interest?How much is the monthly payment?
Managing Student Loan DebtKnow Who You OweImportant information to know about your loan(s):Are they federal or private?Slightly different rules and powers apply to federal and private lenders.
Managing Student Loan DebtDebt Reduction First step in debt reduction is making a budget!Calculate how much you makeRecord how much you spendSee where you can save moneyCreate a goal to pay down student loan debtManaging Student Loan DebtPay Off SoonerAlways pay the minimum, try to pay more. Set monthly payments as high as you can afford to pay off quicker. Youll save on interest and end up paying less overall!
Managing Student Loan DebtPay Off SoonerPay the loan with the highest interest rate off first.Look into consolidation.Non-traditional students may be able to get a home-equity line of credit.
Managing Student Loan DebtStruggling to PayIf youre struggling to make your student loan payments, dont stop paying them! This will hurt your credit, and may have serious consequences.There are other options to help you manage your loan payments.
Managing Student Loan DebtStruggling to PayRepayment Options Standard plan may not be the best fitDeferment or ForbearanceMay be able to put loan payments on hold depending on your situationCancellation of Debt Can be granted in very select circumstances
Managing Student Loan DebtNote about BankruptcyPersonal bankruptcy will (usually) not get rid of student loan debt. Need to get a cancellation of debt from the lender to forgive the debt. Managing Student Loan DebtResourcesPICPAs College Savings pagewww.picpa.org/collegesavings 360 Degrees of Financial Literacy www.360financialliteracy.org U.S. Department of Educationwww.college.gov
Managing Student Loan DebtQuestions?