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You're a new professor, and you've probably got loads on your mind. You've just defended your dissertation, successfully navigated a long and exhausting job search, moved into the next psychological stage of your life, and possibly relocated to a new city. Or you're a new student-affairs administrator, learning the ropes on a new campus and just getting to know which colleague's face to put with which topic.
Among all those issues, however, financial worries, especially student loans, often stand out as the most burdensome and painful questions to consider. As a result, many new professors and young administrators try to avoid thinking about financial issues entirely, hoping that if they ignore their debt, it may somehow disappear.
Not surprisingly, we don't recommend that strategy. We propose taking the opposite approach: Be more active about managing your debt by taking stock of your situation and learning about the options and resources available to you. We guarantee that such an approach will lower the stress you feel about your loans.
First things first: Educating yourself about your debt involves keeping good records. You may feel that if you're this far along in the process, it is too late to start your record keeping. Nothing could be further from the truth. Reviewing and making sense of your accounts allows you to get a better sense of your current standing and helps you assess what is the best next step. Clear some room in your new office file cabinet for loan paperwork. Create a filing system that works for you, and make sure to name the folders accurately and in a way that minimizes the time you search for documents. Regardless of how you decide to organize your files, make sure that they are in a spot you can get to easily. You probably don't need additional excuses to avoid dealing with your debt.
We've created a checklist that can help you conquer your loan situation. You can start at the beginning and work your way through in order, or you can start with whichever step feels the most manageable, and work your way from there:
Know what types of loans you have
This is critical because the terms and conditions of different kinds of loans vary. For...