Atlantic Blog

Attention college graduates! If you're like most people, you probably have student loans. But guess what? The government student loan "Administrative Forbearance" that paused interest and payments for your loans has ended!

Don’t panic, we've got your back! Discover some essential tips to ensure you're financially prepared for this transition.

1. Review Your Loan Details

Log into your student loan servicer’s website and your StudentAid.gov profile. You’ll first want to make sure your contact information is accurate and up to date. Then make a note of details regarding your outstanding student loans, such as:

• Upcoming payment schedule
• Minimum payment amounts
• Current interest rates
• Number of payments remaining
• Projected payoff dates

This small but crucial step will not only assist with budgeting but also open up potential loan consolidation opportunities.

2. Revamp Your Budget

Are your finances feeling the strain of the pandemic years and soaring prices? It's time to take control and create a brand-new budget that takes your student loan payments into account.

Start by pinpointing your essential expenses like housing, transportation, food, and utilities. Then, analyze your recurring expenses to find areas where you can cut back. But don't worry, we won't let you suffer - be sure to leave room for some enjoyment in your budget.

Need more help? We have tons of free resources that can help take the stress out of planning your budget, like our blog –  Create a Budget in 4 Easy Steps!

The endgame? Craft a budget that lets you meet your financial obligations, restart your student loan payments, and live comfortably. Brace yourself, though, because it might require a few sacrifices along the way.

3. Explore Loan Consolidation Options

Don't let the burden of multiple federal student loans overwhelm you. Consider consolidating them into one Direct Consolidation Loan. Not only can this potentially reduce your monthly payments, but it also streamlines your loans into one convenient payment.

If your student loans are private, loan consolidation is still an option. Additionally, consider refinancing with a different lender to potentially secure lower interest rates and more favorable terms, resulting in decreased monthly payments.

4. Look for Other Income Streams

If your current budget has you feeling a bit underwhelmed, it may be time to explore new opportunities for additional income. Here are a few ideas to get you started:

• Picking up extra hours or shifts at your current job
• Moonlighting your skills through freelance projects
• Dabble in a side hustle, like becoming a ride-sharing driver, but don't forget to update your auto insurance to stay protected! Atlantic Insurance has got you covered while your wheels earn you money.
• Working part-time on the weekends

It can be difficult to find the time or energy for extra work, but earning additional income will greatly benefit your budget and could help you meet your student loan payments.

5. Review Your Existing Loans

Whether it's a car payment, mortgage, or credit card bill, your loan payments can eat up a substantial chunk of your budget. By consolidating or refinancing your existing loans, you can take advantage of the greatest opportunities to save.

Even as interest rates rise due to inflation, if your credit score has improved since you initially opened your loan, you could qualify for a lower interest rate. Review your outstanding loans and talk with Atlantic to discover how you can reduce your monthly payments.

We’re Here to Help!

Prepare for the return of federal student loan payments by taking action now. Consider refinancing or consolidating your non-student loans (like car loans, home loans, and credit cards) to potentially save money and better manage your future loan payments.

If you’re interested in reviewing your existing loans or would like to learn more about loan refinancing to see if we can save you money, we’re ready to help. Please stop by any of our convenient branch locations, read more about Debt Consolidation at Atlantic, or call 800-384-0432 to get started.

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend.

Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.