top of page
BW-2020logo.png
Search

Graduating Without Guilt: Smarter Ways to Pay for College

  • Writer: Max Fountain
    Max Fountain
  • 5 days ago
  • 2 min read
ree


College is one of the biggest investments you can make–yet most students don't realize how much strategy and time it takes to make it pay off. For today's students, understanding how to pay for college strategically can build the foundation for long-term wealth management skills. By combining budgeting, informed borrowing, and early debt payment strategies, any student can reduce the financial burden of paying for schooling. 

According to recent data, the average federal student loan debt balance has climbed to approximately $39,075, reflecting the growing financial burden many students face as the cost of higher education continues to rise nationwide. This large figure highlights the importance of managing your finances wisely to pay off debt efficiently. 


Without a structured plan to manage debt, young students fresh out of college may risk postponing major milestones like buying a car, a house, or starting a family. So, what is the best way to go about planning to pay off loan debt? 


The first place to start would be choosing a payment plan that best fits your lifestyle. If you're just starting out, an income-based payment plan might help keep the payments manageable until your salary grows. If you start with a high base salary or have a large stream of income, a standard 10-year payment plan could save you money in the long run. 


From there, try to pay as much as possible per month. Even $25 or $50 more paid per month can make a world of difference in the years following. As your income increases, consider refinancing for a lower rate, but always weigh your options when dealing with federal protections. Paying for college smartly isn't just about getting out of debt, but it's about being strategic about building wealth from day one. 


Sources:







 
 
 
bottom of page