Wheat State Summer Newsletter – Beat the Heat

THE REALITIES OF PAYING OFF STUDENT LOANS

College graduates are finishing school with high hopes, bright futures – and decades worth of student loan debt.

According to CollegeCalc, the average annual cost of tuition in Kansas was $10,935 a year for the 2016-2017 academic year. That’s $2,651 lower than the U.S. average and ranks Kansas as the 19th most affordable state or district to attend college.

Overall, Americans owe more than $1.48 trillion in student loan debt, according to Student Loan Hero. Even if a borrower has already taken out a federal or private loan that isn’t a good fit, they should first investigate deferment and loan consolidation options.

Tips for paying off student loans:

  • Identify cash windfalls you can put toward your debt. Plan to put all the extra money you have toward your student loan debt. Your tax deduction check is an easy place to start finding that extra cash, as well as bonuses, inheritance funds and even birthday checks from grandma.
  • Keep on top of your personal budget. Windfall cash is helpful, but most people will need to use money in their budgets to pay back student loans. Keep a detailed budget to track earnings and spending habits. Budget out your monthly payments to make sure you’re not spending that money elsewhere. Then, try finding money you can trim from other areas of your budget and add that money toward your budgeted student loan payment.
  • Set achievable milestones and reward yourself as you reach them. Set up a payment plan with achievable goals and reward yourself when you reach each goal. Begin by paying off the highest-interest loan, first. When that’s paid off, celebrate with a small “splurge.” Keep yourself from feeling burnt out or deprived – and then be ready to tackle the next loan.

SUMMER COOKOUTS

It is that time of year again for our Member Appreciation Cookouts. We will be grilling up hot dogs, chips and cold drinks. Check our Facebook page for dates and times for the monthly event through September.

We held our first cookout on June 1st. We had a great turn out serving up over 50 hot dogs to our members. Thank you to our partners, Enterprise Car Sales, Route 66, and Allied Solutions, that help out with the event.

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Wheat State Summer Newsletter – Beat the Heat

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