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I owe who….how much?

By: Megan Baylor, CVT

One of the many issues that veterinary technicians/nurses face when entering the workforce is learning how to handle money. This becomes increasingly difficult when managing student loan payments as well as basic living expenses. There are many options to repay student debt.

First, find a financial counselor. This professional should be someone you trust. Not only will they help you learn about managing your money but they could also give you a sense of accountability. This will increase your success at being able to buy a house, managing other debt, and retirement!

Find a financial coach. This is a person who would help you review your spending habits, living costs and debts, as well as help you develop a budget. A coach could be a friend or family member, but make sure you chose someone reliable and trustworthy.

Lastly, talk with your lender about deferment of your loans. You can talk with them about your current earning and cost of living. This information may help the lender adjust your monthly payments. Be aware, this could extend the life of your loan. So instead of 10 years to repay your loan, it could take 15 years and you would be paying more in interest on any of your loans. The lender may also pause your required payments. The downside to this option is interesting will still be building and you will end up owing even more to the lender in the long run.

All of these options involve sharing your financial concerns with others. Talking with lenders or coaches is hard to do. It can be hard to share your financial struggles, but don’t be embarrassed! The worst thing you can do is ignore these issues as it will only increase the problem. The government can withhold earnings, you could have issues getting loans for a car or house, and can even cause relationship issues with friend and family.

If you find you are having issues with understanding and controlling your debt, reach out start by calling the National Foundation for Credit Counseling at 1.800.388.2227