The Eleusis of Chi Omega

How do I pay back my student loans? Is there a minimum per month payment? Alyshia Renee Bailey, Phi Kappa/U of West Georgia

How much will student loans affect me and how long will it take to pay them off? Allie Klarman, Pi Mu/Florida Gulf Coast U

How am I going to pay back my college loans and afford graduate school? Katie Tenzinger, Phi Alpha/George Washington U

How much should I pay on my student loans each month vs. saving? Lindsay Likens, Beta Gamma/U of Louisville

Alyshia, Allie, Katie, and Lindsay,
I want to address student loans in a general sense, so that it helps you and others. Paying back student loans can be a big concern for grads. It can be challenging to make the minimum payments, but it’s important to keep in mind that there are ways to pay your student loan debt and not be overwhelmed by it. To help ensure there are fewer problems with repayment in the future, you can even consider paying back part of your student loan debt while still in school to help decrease the amount owed.

These tips may help you lower your student loan debt and pay back the loan:

1. Go to your student loan financial aid office and apply for work study, which are offered by most colleges. Most of these programs will pay minimum wage, but they can really add up and help reduce your total student loan debt.

2. Try to get an internship or summer job that can help you save some of the money you earn. This way, you can make a dent in the student loan debt you have.

3. Apply for as many scholarships and grants as possible. While often challenging to get, these programs can offer thousands of dollars.

4. Apply for financial aid. There are plenty of options regarding financial aid for students to help pay off student loans or earn extra money to pay tuition.

5. There are volunteer work programs that help reduce student loan debt, as well. The federal government sometimes offers volunteer charity work for reduction in student loan debt. This is an indirect way of paying student loans and people really benefit from your community volunteer service.

6. Start looking for student loan consolidation programs. Once you graduate, you will want to look at different consolidation offers and options. Consolidation can make repaying your loan significantly easier because all your different student loans are combined into a single loan debt and you can easily change the various loan terms and repayment options. Paying back student loans while in school can really do a lot to save you money. Don’t just look at paying off your student loans after you graduate.

Student Loans