“I took 6 years to graduate and it cost me way more than I thought.”

“When I was in college, I thought it was a good idea to take a lighter course load each semester, so I could focus more on the courses I did take. I knew that meant I’d be in college for five or six years instead of four, but I really thought it would mean better grades. What I didn’t realize was how much more those extra years of dorms, tuition and transportation back and forth would cost. Plus in my last two years, I had to take out loans that charged a lot more interest than I was paying before. Looking back, I wish I finished in 4 years.”

College Money Matters Responds

This is reality for a lot of college students. In fact, 60% take more than 4 years to graduate! So you’re not alone in discovering that it can cost a lot more, even though you get the same degree you’d get if you only took 4 years. The good news is that you did graduate, which means now you can start paying off those loans. 

The first rule is to start with the highest interest loans first. (This includes your credit cards, by the way.) Put whatever extra money you have towards the highest interest loan and pay that off first. But remember, if you have multiple loans, you do have to make your monthly payments on each one to avoid paying penalties or seeing your credit rating take a hit.

To learn more, visit this page.