Learning how to deal with student loans is a serious issue for the current generation.
With loans at a record high and entry-level salaries at a record low, newly graduated professionals are wondering how to live comfortably and pay all their bills, including their student loans, on time?
It may seem nearly impossible, but it isn’t? To get started, take a look at these tips on how to pay your student loans without going broke.
How to Deal With Student Loans
Determine Your Payoff Date
Having a “light at the end of the tunnel” may be the kick in the butt you need. Make sure you have all your budgeting guidelines in place to pay off your loan as soon as possible. What’s more? Making more than your minimum payment will help you pay your student loans off quicker. Plus you’ll be paying interest on your student loans, and also boost your credit score.
Consolidate and Refinance
There are loads of student loan debt solutions available to help keep your student loan payments organized and paid on time. When consolidating your loans, you can also explore refinancing options. This makes your monthly payment cheaper and also decrease your interest rate.
Explore Debt Forgiveness Options
Did you know that certain jobs, such as teaching, offers student loan forgiveness?
If you earned in a degree that will allow you student loan forgiveness, then you may be able eligible. You can pay the minimum monthly payment on your student loan debt, such as an income-based payment plan.
Then after a period of time, your employer will pay the remaining balance.
Primarily, this type of option is for government-based jobs, non-profit jobs, and teaching jobs. Do you think you may fit these qualifications? To learn more about how to get a job that offers student debt forgiveness, click here for more information.
If You’re Having Trouble Making Payments: You’ve Got Options!
Don’t stop paying your student loan debt simply because you don’t have the money. There are loads of options that allow you to defer your student loan debt if you can’t make payments at the moment.
You can also opt for an income-based payment plan that allows you to only make a monthly payment that is based on your income. No need to struggle to make outlandish payments you can’t afford!
Learn More About Budgeting and Finance
Regardless of whether or not you’re drowning in student loan debt, or simply have a lot of debt from financial hardship, there are almost always options to get yourself out from underwater.
From government organizations, online resources, and non-profits to the loan offices you have debt within, there are ways to decrease your monthly bill or even pause payments till you get back on track.
The key to discovering these options on how to deal with student loans? Ask!
Look for options online, such as AtYourBusiness.com for both financial information as well as helpful templates for creating official documents that may be needed to request financial assistance.