This Rule Will Change How You Deal With Student Loans

• Dealing with student loans can be overwhelming.
• One tactic everyone should implement when dealing with student loans is knowing your numbers.
• Once you know your numbers, you need to create a plan to pay off your debt.

Dealing with student loans can be overwhelming. However, one tactic that can make your life a whole lot easier is knowing your numbers.

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Let's say you wanted to drive from Atlanta to St. Louis, a city you've never visited. Would you hop into your car, start driving, and hope you get to your destination without guidance? I doubt it. Instead of guessing, you would use GPS to help you find your way because it will save you time, (gas) money, and some frustrations. 

Student Loan Repayment plan

The same logic applies to your student loan debt pay-down plan. Your numbers help you create the roadmap that leads you to your debt-free destination. Unfortunately, when it comes to student loans, many either pay only the minimum monthly payment or defer and avoid the loans until they can no longer. Both methods are a recipe for disaster because either option will likely cost you money at the end of the day and certainly add financial stress to your life. 

When you know your numbers, things start to shift. You are put in the power position and can choose the best move from several options. You begin to understand where you are going and can more easily adjust when roadblocks arise.

 We get it. Understanding student loan options is like learning a new language. Also, the math is pretty intimidating. However, the best thing that you can do is to use the power of understanding your numbers to your advantage. To do so, there are two key things you need.

Your Student Loan Information

Your balances, interest rates, and minimum payments.

Your Budget

Your income, expenses, savings balance, and surplus (if applicable).

Once you have gathered this information, then go ahead and plug them into a student loan calculator. Many free options are available to help you on the internet, including these three calculators.