Tips to Tackle Student Loans After Graduation and Personal Loans Later On

Published on August 21st, 2019

Once you have graduated, student loans can seem like the next daunting task to check off your to-do list. Utilize these tips from Leyden Credit Union to start repaying your student loans.  These same tips also work for any other personal loans near Melrose Park in a timely and stress-free manner.

 

Make a Repayment Plan

Student loans typically have a variety of repayment options, including a grace period, where you do not need to make loan payments for a short time after graduation. Take advantage of this grace period to start saving money.

 

If you need some funds when you are just starting out, Leyden Credit Union near Melrose Park offers personal loans that can be used for a variety of reasons, such as purchasing furniture, car repair, and much more.  Leyden Credit Union will help you choose the best payment plan for your schedule and lifestyle.

 

Stick to a Budget

Make a monthly or weekly budget based on your income and payment plan. Map out necessities such as rent, groceries, and transportation, but make sure to leave room for a few fun hobbies as well. Any money left over can go towards paying off your debt.

 

Live with Roommates

It’s a smart idea to live with roommates for a few years after graduation to help you save a little extra cash. Roommates not only bring your rent costs down, but you will also be splitting utility expenses like electricity and gas.  Another option is to live at home for a few years.  You will be saving more money by not paying rent.  You can also offer to help your parents with things, such as mowing the lawn, snow removal, errands, etc. in exchange for living rent-free for a few years.

 

Start Making More Money

If you have to repay loans, you’re going to have to be making money to get those payments started.  In addition to working your regular hours, try to pick up an extra shift here and there or earn some bonus cash on the side. Uber driving, being a nanny, or freelancing are all options to get started.

 

To learn more about personal loans near Melrose Park, contact Leyden Credit Union today!

 


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