While it might be tempting to approach student loans the same way you would a venomous spider—that is to say, by not approaching it—that’s not exactly the best tactic. Unfortunately, just like term papers or finals, student loans are a necessity that allow you to continue your higher education when funds are tight.

If you have already borrowed funds from a private lender, you will likely need to start making payments toward your loan before you graduate from your chosen college, university, or trade school. Fortunately, Community Financial and many Federal loan options don’t have this requirement, and alternatively offer in-school deferment options. However, it’s still a good idea to start making headway on any loans as soon as you’re financially able.

Here’s all you need to know about managing your student loan debt and transforming something daunting into a breeze:

1. Set It and Forget It

The best way to make sure you never miss a payment is to set up an automatic payment plan. With this in mind, it’s always a good idea to check and see if your lender offers discounts for auto-payments. Community Financial, for example, can potentially reduce your rate by 0.25% by enrolling in automatic, electronic payments during repayment from your account. Just make sure your account is ready for the auto-withdrawals so you don’t end up with an overdrawn account!

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Assistant Manager of the Atlanta Branch, Trena S,  explains the selections on housing and making good financial choices.

Hillman High School, in Montmorency County, recently teamed up with Community Financial to engage their students in a dose of financial reality! Hillman High School’s eleventh and twelfth grade students participated in a Community Financial sponsored “Reality Fair,” where students were asked to navigate the world of finances as adults!

The “Reality Fair,” developed by CUNA (The Credit Union National Association) and used by credit unions around Michigan, is designed to engage students in making money-smart adult choices. Students begin the Reality Fair by receiving a profession with a set salary and credit score. After students are taught about credit card debt, credit scores, student loan payments, and setting a monthly budget, they are tasked with choosing their transportation, housing, child care, home essentials, food, clothing, and more. The goal is for students to build a monthly budget within their set means, while simultaneously learning about the costs of necessary goods and services.

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