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If you graduated college or just took some classes using what seemed like it was free government money, you are probably being stalked by student loan debt. Like the Uncle Ted in the bathroom…they just won’t go away and leave you alone! It turns out that 65% of Americans that graduate from college with a four year degree have student loan debt. If that isn’t alarming enough, the number has been rising.

As funny as the clip above is it is no laughing matter that most young people just starting out in their work life are saddled with nearly $24,000 of student loan debt on average.

Top 5 Student Loan Debt Tips

Here are some ways to avert disaster with your student loan debt as you enter the workforce or even before.

1. Pay off the interest while you are in college through part time work. Don’t let the interest accrue during your university attendance, it could cost you thousands by waiting until after graduation.

2. With many reputable lenders you can agree to an auto-debit of your account to pay for student loans. Automatic draft of payments can allow you to take advantage of lower interest rates by as much as 0.5%. that one half percent may not seem like much, but it can amount to thousands of dollars saved over the life of the loan. Remember, if you take the average $24,000 in student loans and the average repayment period most American take, the savings is in the thousands. All for nothing more than making it simpler to make your payments each month. You cannot bankrupt from most student loan debts anyway so you are going to pay them, you might as well take advantage of the lower interest rates.

3. If you itemize tax deductions each year on your taxes be sure to deduct the interest you pay for student loans on your federal tax returns each year. You can deduct up to $2,500 per year from your gross income.

4. Be careful when considering student loan debt consolidation. It may not be right for your situation. Most financial matters are more related to trained behaviour than the mere numbers anyway. You could find that you win a psychological battle by paying off the smaller high interest rate balances quickly, which leaves the lowest interest rate balances for last. This approach of small wins may end up being a more wise choice.

5. Call the lender before you become delinquent! If repayment becomes difficult because of life circumstances you should not disregard your obligation to repay. You may be able to take advantage of a deferment or forbearance for a period of time while you get on your feet again. This will depend on remaining in contact with your lender.

For more money saving tips visit Inckpen’s money section.