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Paying back student loans

(Source: KGBT Photo)

Three months into the school year and the last thing on many college student’s minds is paying off their student loans. But for recent college graduates, that very issue has moved front and center.

“It is a concern, it's a concern for a lot of college students these days." Says Corey Fuentes, a student at UTRGV in Brownsville.

November marks the end of the 6-month grace period before college graduates are required to begin paying back student loans. Often that debt can be a heavy burden.

According to Forbes, the average college graduate needs to pay back close to $31,000. One key to paying back this money is saving money early and paying off the loans quickly.

"Let's say you've graduated and you've got $50,000 in student loans, encourage the person to start paying those off as quickly as possible," Derrick Kinney, a private wealth adviser, suggested.

Students at UTRGV in Brownsville are already thinking ahead and planning for their futures, which includes sitting down with their financial aid counselors to plan out beyond graduation.

"The school was really great at telling us you should go talk to them and figure out what your plans are," according to Ramiro Tovar, a UTRGV student.

Others, however, remain concerned about the burden those loans could become in their future endeavors.

"Having those student loans, although they do support us, they can also for me, in my case, make a little more work of paying them off eventually” says Roman Sanchez, a student at UTRGV who plans to attend graduate school in the near future.

But ultimately, student loans for college students come down to one magic question.

"Are you prolonging the debt or paying off the debt?"

For more tips on paying back student loans and links on how you can manage your debt, visit http://www.studentloans.org.

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