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Dealing With Debt: The Do’s and Don’ts of Paying Off Student Loans

One person's college fund, and one of the reasons student loans are often needed

One person's college fund, and one of the reasons student loans are often needed One person’s college fund and one of the reasons student loans are often needed | iStock.com

Getting a handle on your student loans can be difficult. Depending on where you went to school, how long you were there, and what you studied, you might find yourself in a real pickle when it comes to paying for education. After four years, your student debt can top $100,000 — add in a graduate degree, and it can be substantially more. It’s a real issue that’s affecting the economy, and leaving millions of people with a feeling of complete hopelessness.

For a lot of borrowers, if they could do it all again, they’d make different choices. But for those who’ve already made their bed, so to speak, the only real course of action is to come to terms with it. And avoid making more mistakes in the future.

So, how can you dig yourself out of a significant debt related to your education? The first step is to grasp your situation, and lay it all out. See what you’re dealing with. And figure out a way to make the income you have (as little as it may be) work for you. As with anything related to personal finance, there are certain “dos” and “dont’s” when it comes to student loans.

And the more you know, the more effective your repayment strategy will become. Here are some do’s and don’ts for paying off your student loans.

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