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Student Loan Payment Options


There are a few options available for those repaying their student loans who need a lower monthly payment.

The first one is income-based. They actually will consider your income and determine how much you can pay per month. This can be nice when you are still looking for after-college employment and enter repayment on your loan.

The second option is the graduated payment. With this option, you start off just paying the interest on your loan. This leads to a lower monthly payment. Then, after a certain timeframe, your monthly payment is increased. It will keep increasing (graduating) to a higher monthly payment until the loan is paid in full.

For our student loans, I decided to have both of them under a graduated payment for the time being. As soon as the credit cards are paid off, then I will probably change the status of our school loans to a normal payment plan and even send additional payments.

There is a downfall to the graduated payment plan. I will end up paying more in interest and the total amount that I will have paid to my lender is quite substantial. But, at the time it is the best option.

The important thing is to choose the option that is best for you.

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Credit Card Debt = $36,900


I have my total debt listed, but I didn’t take a peek at what my total debt was for just credit cards. Needless to say, my jaw is hitting my desk. It didn’t seem like that much when it was all separated by card.

My house cost less than my credit card debt is right now!

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