10 Tips for Managing Your Student Loan Debt. Does the debt of your college days seem overwhelming? You’re not alone: US student loans exceed $ 1.5 trillion. That’s second only to the amount of the nation’s mortgage debt. Ironically, the burden of student loans makes it difficult for college graduates to buy a home.
Manage your student loan debt
Politicians are debating what to do about the problem, but in the meantime, single Americans can’t stick around to fix it. Developing a plan to manage your student loans is critical to your long-term financial health. We explore 10 steps to help you take control.
1. Calculate your total debt
As with any type of debt, you must first understand how much you owe in total. Students, both sponsored by the federal government and the private sector, generally take out a lot of loans after organizing new funds each year while in school. So buckle up and do the math – you can’t develop a plan to pay it off, consolidate it, or perhaps explore forgiveness, just know your total debt.