money student loansSTUDENT LOANS This does not apply to everyone. But for most of you? SURPRISE! Your grace period is up, get ready to cough up some cash for this one.

Give me a loan and then leave me alone.

If only. And in light of Betsy DeVos handling our Department of Education, this topic has become of more importance than ever. Seriously, how do you get 18 states suing the Department of Education?

After graduation, you typically have a six month grace period before you have to pay back your loans. Boy do those six months FLY. Word to the wise, if you can start making payments beforehand, do it. This saves you money, as it is not subjected to interest. Interest rates may be low based on your loan arrangement but on $50,000 worth of loans, there’s a lot of interest to be paid. Trust me, I know. When I make my monthly payments and see more than half going to interest, I’m ready to toss my laptop every time.

So make sure you check your options here. Depending on the loan provider you can pay your loans in 10 or 20 years. Pick the choice that works for you. These loans can also be leveled out or graduated (meaning pay less now and gradually the amount owed monthly will increase). But don’t worry, if you are ever between jobs you can ask for a payment deferral as well.

For those who can manage to decrease their expenses (i.e. live at home), take the opportunity to pay your loans down quicker. I know a few cats who are debt free after two years of being out of school. Must be nice.

For my teachers and government workers, there are some deals for you too! Loan providers have loan forgiveness options after a few years. Check it out – but hurry before it’s too late.

Maybe Sallie Mae does have a heart? Nah. We went to school broke and came out broker. We’ve been played.

It’s better to say “I’m broke” than “I’m poor”. Being broke is a temporary state. Being poor is a mindset.

Silver lining. You won’t always be broke.

Keep reading and find out on how you can start saving so being “broke” is temporary.