Episode 39: Things to do After Student Debt is Gone

KEY TAKEAWAYS:

  • Federal Student Loan Forbearance (as of this posting) ends at the end of January 2021. Balances will once again be due each month, and interest will again accrue on the total balance.

  • If your student loan debt is now paid off, there are constructive ways to use that money that used to go towards those payments.
  • You can apply that money to your next debt that you’re trying to pay off. Paying more each month will reduce your interest total, and pay the debt off even faster than planned.
  • You can start saving more each month.
  • You can save and/or invest that money towards your retirement.
  • Debt can be a burden and take away income you might want to spend on creating a second stream of income by starting a side business. With less going towards debt payments, you can finally open that business.
  • Debt reduction and savings goal don’t happen overnight, they take time and dedication. Stay goal oriented and you can become debt free.
  • GHS is here to help with any questions concerning your accounts and managing your money goals! Stop in to a branch or call us if you need us at (800) 732-4447.