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More than 3.5 million Americans earned associate’s, bachelor’s or master’s degrees in 2016 — a milestone worth celebrating. But student debt casts a shadow: the average balance is just over $37,000, a record high. Although standard repayment terms for bachelor’s degree loans are about 10 years, many people end up paying for roughly 20 years because of life changes like marriage, children and buying a home. To avoid that long slog, make these financial tasks a priority after graduation so you can pay down loans and start fresh.
Don’t ignore your loans. Learn your repayment options right away. If you can’t find a job or land a low-paying position, you might qualify for deferment or other hardship programs for federal loans. In some situations, loan forgiveness programs could apply. Do your research and choose a repayment plan that fits your situation.
Watch lifestyle inflation. Just because you have a steady paycheck doesn’t mean you should upgrade every part of your life. Try to funnel as much extra money as possible toward debt while staying reasonably frugal. Treat yourself occasionally, but keep indulgences inside your budget.
Build an emergency fund before throwing every extra dollar at loans. Unexpected expenses — a car repair or job loss — can otherwise force you onto credit cards. Start by saving $1,000, then work toward keeping three to six months’ worth of living expenses once you’ve reduced other debts.
Shop smarter to avoid budget burnout. You don’t have to give up fun, but find ways to save: compare prices, use coupons and discount apps, and buy second-hand when it makes sense. Cut recurring service costs where possible and look for free or low-cost entertainment.
Increase your income. Controlling spending helps, but boosting cash flow speeds up debt payoff. Try freelancing, tutoring, consulting, or short gigs through local platforms. Part-time work or pet-sitting can also bring in steady extra cash. A side hustle can remain a useful source of income long after your debt is gone.
Cook at home more often. Dining out — from morning coffee runs to office lunches and takeout — adds up fast. Bringing lunch to work can save a significant amount each year; use online recipes and cooking guides to build skills and make home meals enjoyable and affordable.
Start saving for retirement early. It may feel secondary to paying down loans, but compound interest rewards those who begin in their 20s. If your employer offers a 401(k) match, contribute at least enough to get the full match. If not, open an IRA and contribute what you can.
Resist the fear of missing out. Comparing yourself to others’ curated social feeds can lead to unnecessary spending on trips and fancy nights out. Delay big-ticket experiences until you can afford them without adding to debt. In the meantime, be intentional about treats and consider cutting back on social media to reduce pressure to keep up.
