Are you tired of student loans?
By: Michael J.Shea, CFP®
Student loan debt can be one of the more frustrating aspects of your financial life. On one hand, it gave you the ability to get through school ultimately helping you pursue a more fulfilling, and hopefully higher paying, career opportunities. On the other hand, student loans can take control and be the dominant force in your financial life. They can cause undue amounts of stress. It’s a shame that schools don’t offer more financial planning assistance around student loan debt, such as requiring students to go through financial education programs, or develop a plan to payoff the debt post graduation. So, this where I come in.
I made a student loan debt payoff infographic which can be seen below. My intent with this is to give a straightforward example to show you some numbers and how extra payments can be used to payoff student loans early. This goes for any kind of debt for that matter. The best thing you can do for yourself is NOT ignore your loans and get on a plan to pay them off. Also, take into consideration your other financial goals and how they fit into your life. As always, feel free to reach out with any questions. Enjoy!