TALLAHASSEE, Fla. (WTXL) - "Save, save, save and only spend when necessary," says FAMU Spring 2016 graduate Taylor Hunter.
Mastering her education isn't the only thing she has learned while in college. She's also learned the importance of budgeting.
"I have a few job interviews coming up and hopefully the main one I'm focusing on, hopefully I'll be able to get that job and be able to take care of my daughter and other living expenses" explains Hunter.
That includes paying back money she borrowed while in college. More than 43 million Americans have student loan debt, totaling nearly $1.3 trillion dollars, according to the Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit.
In order to understand and manage that debt, recent college graduates are encouraged to complete the exit loan process provided by all institutions of higher education, and go to the website studentloans.gov.
"Students can do a number of things, check the amount that they've borrowed throughout their career, can check on the repayment options that are available," explains Darryl Marshall, Assistant Vice President of FSU's Office of Financial Aid. "They can use federal calculators to calculate how much interest they would accumulate and if it accumulated and how much they would have to pay toward student loans."
Recent graduates are given a six month 'grace period' before having to start repaying student loans and those who run into a problem repaying their loan, there are deferment and forbearance options they can discuss with their loan servicer.
With the average college graduate owing more than $33,000 in student loan debt, here's a piece of advice for those entering college.
"Budget wisely," advises Marshall. "Live like a student now so you don't have to live like a student upon completion of college."
3 ways you can keep on track with loan payments include changing your payment due date, changing your repayment plan, and Consolidating your loans. You can find more information at https://studentaid.ed.gov/sa/repay-loans.
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