Recent college graduates in Mississippi are preparing to manage approximately $16.2 billion in student loan debt, with advice emphasizing proactive budgeting and exploring consolidation and income-driven repayment options to ease financial burdens.
Navigate Student Loan Repayment with Budgeting Tips and Consolidation Advice
According to the Public News Service, recent college graduates in Mississippi are now preparing to start paying back their student loans, as their grace period will end soon. The state has a total of $16.2 billion in student loan debt, affecting about 447,000 residents who owe an average of over $36,000 each. Brian Walsh from SoFi suggests graduates should budget carefully from the beginning and treat their loan payments as a fixed expense.
Graduates must start planning their budgets early, even during the grace period. Walsh advises them to set aside money for loan payments and consider different strategies for repayment, such as making payments ahead of schedule or saving specifically for future payments. For those struggling with payments, options like consolidating loans can help. Consolidation allows graduates to combine multiple federal student loans into one payment, potentially lowering monthly costs without changing the interest rate.
READ ALSO: 9 Bills Signed Into Law By Missouri Governor Mike Parson: Boosting Senior Property Tax Relief And Enhancing Public Safety
$16.2 Billion in Student Loans: Mississippi Grads Face Repayment Challenge – Experts Advise Proactive Budgeting and Strategic Planning (PHOTO: Public News Service)
Explore Income-Driven Repayment Options with the Saving on a Valuable Education (SAVE) Plan
Moreover, the federal government offers programs like the Saving on a Valuable Education (SAVE) plan, which supports income-driven repayment options. These plans adjust payments based on income, providing flexibility to graduates in managing their debt. Graduates need to explore these resources through StudentAid.gov to find the best repayment plan that fits their financial situation and helps them navigate the challenges of student loan repayment effectively.
READ ALSO: $3.365 Million Settlement Alert: WinCo Foods Portland Customers Can Claim $200+ In Unpaid Refunds
