Hi Money Masters,
Life can be so busy. So hectic. So chaotic. We have so many responsibilities and things to manage that it can feel a bit overwhelming at times. Right? In all the hustle and bustle of everyday life it’s easy to forget things. But we want to make sure we don’t ever forget to pay our bills! Especially debts. Included in this “top priority” category are student loans. You do not want to default on a student loan!
So, when life gets super busy and you feel it’s hard to manage everything going on, including your finances, a good idea is to get ORGANIZED. You don’t have to tackle everything at once. A great place to start is with your student loans.
Here are some ways you can organize your student debt payments…
Gather what you need and create a dedicated space for the tangible items:
Find statements, emails, letters and everything pertaining to the details of your loans. Have a drawer with hanging file folders and labels. (Come on, who hasn’t purchased a labeling machine at some point in their life? They’re so fun!)
Now that you’ve got all your information in one physical place it’s time to create a spreadsheet. Having an electronic version of your important loan details makes it easier to access as well as edit your data. A couple examples of easy to use programs are Google Spreadsheet and Microsoft Excel. On the spreadsheet, you will want to track the following:
Type of loan (federal, private, subsidized, unsubsidized)
Name of loan company
Phone number, email and website of loan company
Total payoff amount
Status (repayment, deferment, forbearance, etc.)
Monthly payment amount
Keep track of the debts:
There are ways to link account portals and websites directly into your spreadsheet for easy access to managing the loans. For federal loans use the “National Student Loan Data System”. For private loans check your credit report for free annually.
Set up monthly payments for automatic withdrawal from your account. One of my favorite sayings is “set it and forget it” …. Oh, but don’t forget to update that wonderful spreadsheet when the payment is made. You want to see that balance decrease 😉
Getting organized with these payments will save you time and keep you on the path to paying off student loans for good!
Blessings to you all,