So here it is, the grace period is over. Your alma mater has sold you off to a loan company like cattle to be slaughtered. The struggle AND the bills are real. Your student debt repayment has arrived. How do you cope with this? Follow this simple 6-step guide and we can do this together.
Unless you plan on winning the World Series of Poker or the lottery, you are probably going to be making this payment for upwards of the next 10 years. It’s okay to cry. All that money that you took out seemed to be a good idea at the time, but now maybe you’re starting to rethink that extra personal loan you took out.
2. Realize That It Was Totally Worth It
Was college the absolute best five years of your life? Well if it wasn’t, it should’ve been. If you didn’t make the most of it, then what the hell were you doing? You just went on a 10 semester, $35K/year boozefest that you won’t get to repeat again for as long as you live. Use your Facebook timeline and go and relive the best moments that you’re hiding from potential employers. That spring weekend where you were face down in the bushes because you fronted for the keg? That St. Patricks Day where you ran up a $100 tab on $2 green beer? That time you bought a pizza sub for every night you went out? Yeah, it was expensive, but damn, was it worth it.
3. Realize What Wasn’t Worth It
We were young, and dumb. The government basically handed us thousands of dollars and told us “Okay, now make sure to go give this to the Financial Aid Office.” Meanwhile, you pass the local watering hole, that girl you’re trying to impress, and the bookstore that’s selling a new 42″ TV on sale on the way there. A college campus is basically a gauntlet of things begging for your money. Yeah, maybe we could’ve done without that $400 textbook that we used once for that two-paragraph segment on page 17.
4. Drink A Beer
Go and buy a real, nice, expensive beer. You know, one of those ones you would have never been able to buy in college. One that cost $8 for a bottle. Lets face it, we just looked at a 5-figure debt we owe in the face. When has a problem ever arose that a beer couldn’t solve? Well it won’t pay your next bill but it will certainly help.
5. Figure Out What You Can And Can’t Do To Pay It Back
Hopefully we are gainfully employed and will have some means to pay it back. If you’re not, my condolences. Maybe you can extend your grace period a few months, but if not, just hang in there. I know you just binge-watched Breaking Bad on Netflix and yes you could probably pay off your entire debt with just one cook, but it’s not worth it. Trust me.
6. Repeat Step 1
You’re in it for the long haul. Let’s get all the tears out now.