Borrower Counseling Group
617.728.4200, ext. 5009
Mon - Thu: 8:00 a.m. - 10:00 p.m.
Fri: 8:00 a.m. - 5:00 p.m.
Sun: 11:00 a.m. - 10:00 p.m.
Please note: All times Eastern.
Ensuring Financial Wellness
Student loan debt can make financial freedom seem far away. Don't be discouraged.
By learning how to balance the money you have with the money you owe, you can achieve financial wellness. Just follow these tips:
- Understand your level of debt. Remember, for student loans, it is important to always know what you owe.
- Understand what you can afford. Think about your finances as a whole by creating a budget.
- Understand how to use your credit card. Repay everything you charge because having good credit matters.
- Understand the additional benefits of borrowing. Take advantage of your student loan debt by knowing the borrower tax incentives.
- Understand how to find your loan information. Know how to use and navigate the National Student Loan Data System (NSLDS®).
Financial Wellness in Just 10 Steps
Here are 10 basic steps toward financial wellness:
- Stick to a budget. This may mean focusing on long-term stability, rather than short-term fun.
- Pay off debt. Commit to paying bills on time, every month.
- Invest in yourself. If you are investing in your future, remember that debt is not necessarily bad.
- Plan purchases. A college education, a house, and a car are large purchases that must be planned wisely.
- Take a class. Learn basic financial management and read financial publications on investing and savings. Talk to a counselor if you need extra help with financial issues.
- Look for a deal. When borrowing, take the time to look for the lowest interest rate and fees. When saving, look for the highest return on your investment.
- Plan for the unexpected. Put away money for an emergency.
- Know your credit score. Establish a history of good credit early, and you’ll always get the best rate when you need to borrow money.
- Build goals. Set goals for yourself when it comes to saving and paying down debt.
- Review progress. Every 6 months, look at your debt and savings. Reassess your plans and goals.