There is no denying that student loans can really be a burden. It may not seem like that big of a deal to sign for your student loans when you are 18-year-old freshmen, but as you approach the end of college and enter the workforce, you need to know how to manage your student loan burden.

Know How Much You Borrowed

First, you need to know how much you borrowed. This is not hidden information; this is information that you can access. You need to look-up and find out how much money you borrowed on each of your loans. Then, you need to find out how much interest has accumulated on your loans as well as the total cost of your loans right now.

Knowing how much you borrowed, and how much you owe, is an important first step towards helping you get your student loan debt under control.

Explore the Different Repayment Options

Next, you need to explore the different repayment options that are available to you. With student loans, there are more repayment options than there are with traditional loans.

For example, you can make graduated payments, where you start with a smaller amount and the amount of your monthly payment increases each year, allowing you to pay your loans off within a decade. Graduated payments are based on the idea that your income will get larger over time, and you will be able to handle those payments over time.

Or you can apply for an income-based repayment plan. With an income-based repayment plan, your payments will be based on the last tax returns that you filed. You will only have to pay a portion of your income towards the loans.

Or you can get your payments deferred for a period of time, which can allow you to get your finances under control before you start repaying the loans back.

Use Deferments Wisely

If you choose to defer your loans, be sure to use the deferment wisely. You only get so many determents over the course of your loan, so you want to make sure that is the best choice for you.

When it comes to managing your student loan burden, you need to know how much you have borrowed. You need to know your repayment options and figure out what is the best option for you. You need to use your deferment option wisely and don't use it until you really need it.

To learn more about financial planning and managing student loan debt, contact a financial planner in your area.

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