How to pay back your college debt, painlessly

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Here's a step-by-step guide to a college debt repayment plan that won't hamper your holiday spending. Requirements? Discipline and a side hustle or two.

Talk about tough timing. Student loan grace periods generally expire for spring graduates just in time for the winter holidays. So, in addition to finding a way to finance holiday spending, recent college graduates need to figure out a college debt repayment plan.

Based on standard 10-year college debt repayment plan terms, your starting repayment amount on the private loan is $106 per month. Your monthly payment amount on the subsidized federal loan is $100. The monthly payment on the unsubsidized federal loan is $107. And your monthly payment on the PLUS loan is $112. Altogether, your mandatory student loan payments amount to $425 per month.If you stick to the regular program, it will take 10 years — 120 months — to repay your college loans.

Now add the $768 payment snowball to your $107 unsubsidized loan payment, applying $875 per month against that loan. In nine months, that loan’s $8,042 balance is paid off too. Your final loan — the subsidized federal loan at 3.74% interest — has a $100 minimum payment and a $7,222 balance some 38 months into the 120-month standard loan term. You now add the $875 snowball payment to your $100 loan payment. And your final loan is repaid eight months later.

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How about an article about not borrowing $145,000 for a Fine Arts degree ? That probably would be more helpful.

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