With college graduation season just a short six weeks away, most recent graduates focus on surviving final exams, crossing off the last remaining items on their bucket lists, and securing new job or fellowship opportunities. While the Commence Day ceremony marks the conclusion of undergraduate life, it also signifies the beginning of paying back student loans. Even those who deferred their first student loan payment will need to begin planning. We compiled five easy-to-implement ways to plan for student loan payback that will not break your budget. 1. Make a lump sum payment After May graduation, many students will be receiving graduation gift money, job signing bonuses and tax refunds. Applying this lump sum to your student loans can save you thousands in accrued interest and decreases the repayment time. Use Make Lemonade’s Lump Sum Calculator to gauge how much you could save in time and interest by applying a lump sum at the beginning of repayment. 2. Make more than the minimum payment This tip is quite straightforward. The more you pay, the less interest is added to your remaining balance and the quicker the loan is paid off. No need to put pressure on yourself to double the payment. Even $50 more each month will make an impact. Still on the fence? Incorporate this added amount to your automatic loan payments so that you stay consistent and hesitation-free in your payments. 3. Refinance Your Loans Regardless of whether you have one loan or multiple, refinancing creates an opportunity to lower your interest rate. Before diving into refinancing, first consult a lender to verify that your interest rate will decrease. Here is a list of awesome banks that help refinance loans. 4. Avoid Repayment Programs It is true that many of these programs aim for lower monthly loan payments. But they do so by extending the length of the payback term. This means that it will take you longer to pay back your balance and your principal will continue to accrue interest during that extended period. 5. Start a Side-Hustle Spend a few hours each week on a side-hustle that you contribute 100% of the income into loans repayment. Ideally, choose something easy and enjoyable that does not restrict your schedule. Do you enjoy shopping? Apply to work part-time at a retail store. Get a discount off of apparel, and direct that cash toward your loan. In California, working one 5-hour shift per week at $11.00 minimum wage means you could earn $220 toward your loans every month. Not a bad trade-off, eh? Regardless of how you tackle the loan behemoth, be proactive about making a plan. Loans can be a challenge to navigate, but with the proper strategy, you’ll find your balance at $0.00 in no time.
Tutors can be an excellent asset in your child’s education. Finding the perfect tutor could boost your child’s confidence, shrink his or her test anxiety and encourage your little one to ask for help more often. However, not all tutors are suited to assist all children, even if they are masters of the academic material. Keep a close eye on these two clues when searching for the best possible tutor. COMMUNICATION Keeping a household running is no small task. Parents are balancing work and kids, kids are balancing school and friends, and not to mention that everything in-between must still get done. Having a tutor who forgets to notify you of schedule changes or who fails to update you on your child’s progress can be an unnecessary burden. A top-tier tutor will communicate reliably and efficiently because they understand the demands on parents’ time and want to use it wisely. When vetting potential tutors, double-check if provide the best modes of contact and prime hours to reach them. Ask yourself, “Are they flexible and forthcoming?” Be sure to tell them your communication preferences outright, and take care to notice whether they accommodate those preferences. Lastly, ask them about how they normally provide updates on student progress, and express your expectations on frequency up-front. A great tutor will appreciate this openness, and should readily meet your standards of communication. RAPPORT We all know about the “it” factor. That indescribable something that allows one person to connect with another. The best tutor must absolutely establish a positive rapport with you and your child. Tutoring is an intensely personal and social profession that comes with high points and low points that must be navigated skillfully. While hunting for the top candidate, it is worthwhile to evaluate the impression your tutor leaves. Do they bring a positive and encouraging attitude to the work? Are they warm and friendly with your child? Do they notice when your child is struggling, and can they find fruitful ways to assist? Sometimes, even the most qualified tutors lack the bedside manner that fits your family. But when you stumble upon someone just right for the job, it should be easy and pleasant for both you and your child to work with them. At the end of the day, finding the right tutor can mean a world of difference for your child academically. Once you encounter someone with stellar credentials, take a moment to determine whether their style of communication and the rapport suits your needs. Nab that perfecttutor and watch your child’s grades soar!
