SoFi Blog

I left college with about $35-$45K in student loan debt. But my biggest loan—which was originally around $18K—had accrued so much interest, that even after paying the minimum for five years, it was actually at a little more than $20K. By the time it hit that amount, my husband and I realized we had to do something drastic to pay it off once and for all.

If you’re looking to take out a student loan to pay for an undergrad or grad degree, you’re about to join the club of Americans also carrying large amounts of student loan debt—$1.4 trillion total across the U.S., in fact. While taking out the loan may be the right move to pay for school, that decision is also paired with another one that could have impacts down the line on your long-term financial goals: your student loan repayment terms.

Student loan repayment terms can factor heavily into how long it takes to back your student debt, so you’ll want to make the right call out the outset. To make sure you can pay off that debt faster later, steer clear of these four common mistakes when choosing your loan terms:

As the year draws to a close, it’s a great time to reflect on your finances—especially if you’re a recent grad who’s newly employed. You’re likely bringing home a significant paycheck for the first time in your life, but also have big-time monthly bills to pay, including student loans. Without proper planning, that debt can easily drag you down.

So how can you balance paying your bills, eliminating your debt, and saving for your future while still allowing yourself a few bucks for fun?

Start achieving your 2017-and-beyond financial goals by asking yourself these key questions:

While relocating for a stellar career opportunity can give you great footing—and a sweeter paycheck—there’s much to consider before packing. You’ll want to feel confident that you’re uprooting to not only grow your career, but also to thrive personally.

As you factor in all that could make your nights and weekends more enjoyable, be it the number craft breweries or rock climbing walls in your potential new ‘hood, you’ll also want to look at the life/work metrics and: cost of living; safe, affordable neighborhoods; and job growth rates. After all, you’ll want to live comfortably and continue to save and invest in your future.

Welcome to our new 3 People series, where we meet three professionals from diverse backgrounds, cities and careers, who open up about their finances, careers and overcoming student loan debt. Each person’s financial picture, student loans, and repayment strategy differs; however, each refinanced their student loans through SoFi to take control of student debt and pay off their loans faster.

The years following undergrad or grad school are filled with opportunities for you to own your career. Unfortunately for many, along with honing skills and making great connections comes a not-so-fun task: paying down student loan debt. On the plus side, since student loans represent investments in your future, they’re considered “good debt.” Yet, recent statistics put nearly 40 million Americans (including approximately 70% of bachelor degree recipients) in debt with student loans totaling about $1.2 trillion.