Join our weekly #CreditChat on Twitter & Blab every Wednesday at 3 p.m. ET. The Twitter panel included: Sallie Mae - Helping Students and Families Pay for College; Ashley Hill - Scholarship Search Strategist; Inceptia - Non-Profit Org Focused on Higher Education Access, and CordiaGrad - Helping Grads Take Control of Student Loans. The video panel included: Carissa Uhlman - Vice President of Student Success at Inceptia; Ashley Hill - Scholarship Search Strategist; Rod Griffin - Director of Public Education at Experian, and Mike Delgado - Social Media Community Manager at Experian.
This deck features tips from: @SelfLender, @SallieMae, @KOFETIME, @GiftofCollege, @CordiaGrad, @Rod_Griffin, @TCAsolutions, @suddenlyfrugal, @taynelawgroup, @ConsolidatedUS, @Kasasa, @nerdgrad, @wisebread, @SmartWomanCan, @care4yourfuture, @GamezLawFirm, @AirForceFCU, @ACAIntl, @MrsAmandaReed, @moneyinmy30s.
2. Join our #CreditChat every Wednesday at 3 p.m. ET.
This week, we talked about how to tackle student debt.
ex.pn/studentloan
3. What should students know before taking a
college loan?
#CreditChat
Wednesday | 3 p.m. ET
4. #CreditChat
Wednesday | 3 p.m. ET
“Students should know how long it
will take them to repay back that loan
and whether it’ll be easily manageable
for them.”
- @SelfLender
5. #CreditChat
Wednesday | 3 p.m. ET
“A private education loan can be a responsible way to fill
the gap between the COA and funds you already have.”
- @SallieMae
6. #CreditChat
Wednesday | 3 p.m. ET
“Students should know everything
about how much money they owe,
principal + interest, and terms of
repayment for student loans”
- @KOFETIME
7. #CreditChat
Wednesday | 3 p.m. ET
“Only borrow what you need.
Explore/research starting salary and
payoff terms. Understand the actual
cost of degree. ”
- @GiftofCollege
8. #CreditChat
Wednesday | 3 p.m. ET
“It’s not free money. Make sure you only borrow what
you need and know how much your monthly payments
will be after school.”
- @CordiaGrad
9. #CreditChat
Wednesday | 3 p.m. ET
“Understand the difference between
subsidized and unsubsidized student
loans.”
- @Rod_Griffin
10. What are easy mistakes to make when applying
for or taking out student loans?
#CreditChat
Wednesday | 3 p.m. ET
11. #CreditChat
Wednesday | 3 p.m. ET
“Do not rely on student loans alone.
Get a part-time to cover as many costs
as possible.”
- Take Charge America
@TCAsolutions
12. #CreditChat
Wednesday | 3 p.m. ET
“Accepting the terms without understanding them. For
private loans, make sure you know when you are going to
start payments.”
- @CordiaGrad
13. #CreditChat
Wednesday | 3 p.m. ET
“Know the different terminology in
the financial aid letter. Grants you
don’t have to pay back. Loans you do.”
- Writer Leah Ingram
@suddenlyfrugal
14. “Failing to exhaust free money first. Gift aid such as
grants and scholarships do not have to be paid back.”
- @SallieMae
#CreditChat
Wednesday | 3 p.m. ET
15. #CreditChat
Wednesday | 3 p.m. ET
“Students need to make sure they are
using their loan appropriately. They
should not be spending the money on
leisure activities.”
- @taynelawgroup
16. How can college students reduce the amount of
loans they’ll need?
#CreditChat
Wednesday | 3 p.m. ET
17. #CreditChat
Wednesday | 3 p.m. ET
“Do your research: apply for
scholarships and grants well before
applying to college. Work at least part-
time while in school.”
- @ConsolidatedUS
18. #CreditChat
Wednesday | 3 p.m. ET
“Pick a school you and your family can afford, (net of
grants) 4 years at a pricey school may not be worth 25+
years of debt.”
- @CordiaGrad
19. #CreditChat
Wednesday | 3 p.m. ET
“Choose your school carefully. You can
borrow for a pricey university or get
the same degree (lower cost) at a state
school.”
- Take Charge America
@TCAsolutions
20. #CreditChat
Wednesday | 3 p.m. ET
“According to ‘How America Pays’ 95% of families took
at least one measure to make college more affordable.”
- @SallieMae
21. #CreditChat
Wednesday | 3 p.m. ET
“Look at alternate funding options:
scholarships, grants, financial aid.
Look early and apply to many.”
- @Kasasa
22. What tips do you have for college grads trying to
figure out their finances?
#CreditChat
Wednesday | 3 p.m. ET
23. #CreditChat
Wednesday | 3 p.m. ET
“Seek out information! Talk to friends,
family and trusted advisors for help
when you need it.”
- @nerdgrad
24. #CreditChat
Wednesday | 3 p.m. ET
“Resist to the temptation to step-up your standard of
living just because it’s your first real paycheck.”
- @CordiaGrad
25. #CreditChat
Wednesday | 3 p.m. ET
“Learn to budget. Also, learn the
difference between needs and wants.
(Needs = food, housing, etc. Wants =
beer).”
- @wisebread
26. #CreditChat
Wednesday | 3 p.m. ET
“College students should pull their
credit report, track their spending,
and budget accordingly to figure out
their finances.”
- @SelfLender
27. #CreditChat
Wednesday | 3 p.m. ET
“The no.1 rule to financial success: spend less than you
earn. Always keep track of what you spend.”
- @SallieMae
28. #CreditChat
Wednesday | 3 p.m. ET
“Pay tuition with your loans. Save the
rest for repayment or future
semesters later. Budget- tell your
money where to go.”
- Jaymee
@SmartWomanCan
29. How do you balance paying off student loan debt
while trying to save and/or invest?
#CreditChat
Wednesday | 3 p.m. ET
30. #CreditChat
Wednesday | 3 p.m. ET
“Allocate a percentage of your
paycheck to a savings account and
make it a line in your budget.”
- @care4yourfuture
31. “Discipline yourself to add to your savings every pay
period - over and above your student loan payments.”
- @CordiaGrad
#CreditChat
Wednesday | 3 p.m. ET
32. #CreditChat
Wednesday | 3 p.m. ET
“Pay back your debts, but remember
to pay yourself first, your future self
will thank you when an emergency
happens!”
- @KOFETIME
34. #CreditChat
Wednesday | 3 p.m. ET
“Come up with a realistic timeline and
create a graduated savings plan.”
- Daniel Gamez
@GamezLawFirm
35. What are some ways to pay off student loan
faster?
#CreditChat
Wednesday | 3 p.m. ET
36. #CreditChat
Wednesday | 3 p.m. ET
“Make payments while still in college.
If able, pay more than required each
month.”
- @AirForceFCU
37. “Refinance to lower your interest rate. Use the savings
to shorten your term.”
- @CordiaGrad
#CreditChat
Wednesday | 3 p.m. ET
38. #CreditChat
Wednesday | 3 p.m. ET
“Many lenders have alternative
payment programs for borrowers who
are unable to make payments.”
- ACA International
@ACAIntl
39. #CreditChat
Wednesday | 3 p.m. ET
“Pay more than the minimum each month. Paying even a
little bit extra can go a long way toward paying off loans
faster.”
- @SallieMae
40. #CreditChat
Wednesday | 3 p.m. ET
“Pay interest on your loans while you
are in college or during your grace
period. It saves a lot of money in the
long run.”
- @care4yourfuture
41. What should you do if you’re having trouble
paying your student loans?
#CreditChat
Wednesday | 3 p.m. ET
42. #CreditChat
Wednesday | 3 p.m. ET
“If you’re having trouble making
payments, don’t panic. Contact your
lender/collector for a solution.”
- ACA International
@ACAIntl
43. “Contact your lender to tell them. Reputable servicers
will try to work with you. Don’t ignore the problem, it
won’t go away.”
- @CordiaGrad
#CreditChat
Wednesday | 3 p.m. ET
44. #CreditChat
Wednesday | 3 p.m. ET
“Consider downsizing, finding free
housing with friends or family. Ask
for help. Find better-paying job. Take
up a side hustle.”
- @MrsAmandaReed
45. #CreditChat
Wednesday | 3 p.m. ET
“If you’re having financial challenges, don’t ignore them.
At first sign of a difficulty, contact your lender.”
- @SallieMae
46. #CreditChat
Wednesday | 3 p.m. ET
“Ask repayment options, yet lower
monthly payments means more
interest over the life of the loan.”
- @AirForceFCU
47. What are pros and cons of student loan
consolidation programs?
#CreditChat
Wednesday | 3 p.m. ET
48. #CreditChat
Wednesday | 3 p.m. ET
“Pro: Can lower your interest rate, variable
interest rates turns into a fixed interest
rate, and lower your monthly payments.
Con: An original fee, forgoing other
repayment plan options, and losing perks
from your current lender.”
- @care4yourfuture
49. #CreditChat
Wednesday | 3 p.m. ET
“Pro: If you consolidate by refinancing with a private lender,
you can both reduce your interest rate and simplify payments.
Con: Consolidating in the federal program doesn’t reduce your
total monthly payment.”
- @CordiaGrad
50. #CreditChat
Wednesday | 3 p.m. ET
“Pro: One payment at one interest rate,
lower payments.
Con: Losing ‘grace’ period and lender
benefits. Extending the repayment terms =
paying more overall.”
- @AirForceFCU
51. Any final tips for paying off student loan debt?
#CreditChat
Wednesday | 3 p.m. ET
52. #CreditChat
Wednesday | 3 p.m. ET
“Make it priority when you get your
first paycheck. Taking steps to live
‘debt free’ is also a way of investing in
your future.”
- Andie
@moneyinmy30s
53. #CreditChat
Wednesday | 3 p.m. ET
“Try to pay off your debts that have the highest interest rates
first. Usually that means the priority is to pay down your
credit card.”
- @CordiaGrad
54. #CreditChat
Wednesday | 3 p.m. ET
“Lenders and Collectors are there to
assist you in the loan repayment
process. Communication is key!”
- ACA International
@ACAIntl
55. #CreditChat
Wednesday | 3 p.m. ET
“Create a plan to pay down your student loans, set a budget,
and make sure your servicers have your up-to-date contact
information.”
- @SallieMae
56. #CreditChat
Wednesday | 3 p.m. ET
“Know what you are signing up for
and why, this decision could affect the
next 10 to 20 years of your life.”
- @care4yourfuture