After you’ve graduated, it’s time to deal with two major things—job hunting and repaying those dreaded student loans.
Those student loans that you look while you were in college are no longer differed and will start to add interest. The sooner you pay them off, the better. One easy way to pay down those loans is to use an auto-debit method.
How Auto-Debit Works
Say, for example, that you know you get paid on the 15th of each month, so setup the auto withdrawal for the 16th. With an auto-debit system in place, you won’t even have to put a reminder on your calendar, nor will you have to worry about late payments. As an added bonus, many services give you a discount on your interest rate if you chose to enroll in the automatic payment plan. It may not be a huge discount, but a little can go a long way.
Benefits of Using Auto-Debit to Pay Off Your Loans
Auto-Debit is a great option when you have just started working and are preoccupied with keeping up your new job demands and having a hard time keeping track of due dates. Your lender will charge you an interest irrespective of why you are late with your payments.
If you tend to spend your earnings as soon as you get them, setting up the payment for the day after you get paid could keep you from paying more fees and a higher interest rate. Before long, you’ll take a look at your student loan balance and see that you have made some progress.
Auto-debit takes the stress out of due dates and allows you to focus on your new career. If you are wondering whether auto-debiting your student loans is a good idea—yes, it is.
Use College Raptor to discover personalized college matches, cost estimates, acceptance odds, and potential financial aid for schools around the US—for FREE!