We often hear cautionary tales of students whose loan debt has crept into the six figure range, making it impossible for them to make their monthly loan payments that are often greater than their monthly mortgage payment. The emerging trend is a generation of graduates who are now delaying major life events, like marriage, buying a house, or even having kids because of this crippling debt.
But what you don’t often hear about is how student loan mismanagement may have played a large part in many of these situations. Some of the most common mistakes include not choosing the right repayment plan for you, not communicating with your loan servicer, and using deferment or forbearance when you really don’t have to. Here are just a few articles to help you learn about (and hopefully avoid!) these mistakes:
- Top Student Loan Mistakes to Avoid – this comprehensive article tells you what to avoid, how to recover if you’ve already committed a mistake, and what to do throughout the different phases of your loan
- 4 Mistakes I Made with My Student Loans and How You Can Avoid Them – this testimonial gives a great first-person perspective on what this borrower could have done differently along the way
- Six Common Mistakes When Repaying Student Loan Debt – this piece also covers the tax breaks you may be missing with your loans, as well as the benefits of seeking professional assistance with loan repayment
- Bad grades: 5 common student loan errors – this article shows how parents and their college-age children can work together to avoid borrowing mistakes