Expert Q&A

What are good strategies for a college graduate to get out of debt?

I just graduated with a masters degree and I have quite a bit of debt. I would love to know some good strategies or tips to get out of debt more quickly!

Related Topics: Financial Planning, Debt and Credit, Saving
Related Tags: Recent Graduate, Recent Graduate, Debt
Dennis Cherenkov
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By Dennis Cherenkov - Primerica Financial Services
Answered about 5 years ago

Congratulations on the graduation. Now would be the best time to make sure you get financially literate in your PERSONAL finances. Get a realistic budget going, avoid more debt as much as possible. Resist the urge to spend money you do not have on fine dining, new cars, and so forth.

As a financial adviser, I highly recommend signing up for Dave Ramsey’s Financial Peace University course, no matter what degree you have, this course will help you reach your financial goals.

Trevor Leffingwell
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By Trevor Leffingwell - Town & Country Insurance Agency
Answered over 5 years ago

Congratulations! This is an important time in your life, and now is the time to manage your money, not let it manage you! If you’re married, you need to have at least enough life insurance in place to cover this debt should you die prematurely. Generally, student loans can not be forgiven in bankruptcy, so these payments will be around for quite a while. Take it easy on using credit, and utilizing a budget will help you make sure your money is being used correctly and paying off those bills.

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