How To Get Rid Of Your Student Loan Payments
Student loans cannot be overlooked because they really help many students finish their college or university education with little hassles. However, the lives of many graduates have been crippled by these loans. It is not easy to manage your loan payments especially if you are a jobless graduate.
Paying off the loans is the only way to get rid of this debt. Conquerors face the reality, and you too should face your loans and start working them out. The earlier you start paying your loans, the better because interest rates go up with time, and this may even pose more hardships.
However, if your student loans are giving you a difficult time paying them back, these 3 options can really help when you start experiencing problems.
Consolidate your loans to remain with one single payment option
This is the first option to consider when you’re thinking of a flexible solution. Consolidating your loans lowers your monthly payment by lowering interest rate and extending the duration of the loan.
However, with this option, you end up paying more than you would have paid, but at least it makes the loan manageable. With time your financial situation may change and become somehow better this is the time to increase the monthly payments to pay off your loan faster.
Go for income-based student loan payments
If your income is low, this is the best option for you. It will consider your income and the size of your family to determine how much you’ll be paying towards your student loans.
This option will relieve you the burden so that you can support the family without having to worry about your student loans.
This option is renewable every year based on your income level. To qualify for this option, you must be consistent with your student loan payments. The balance remaining on your student loan can be written off after 20 years.
Apply for deferment of your student loan payments
At some points, you may need to stop paying your student loan temporarily. In such situations, you need to contact your service and negotiate for a deferment then you’ll fill an application of hardship deferment.
However, you should continue making your payments until you receive a notification that your application has been approved. Besides, you’ll only have a few months to put your loan on deferment.
This is the last option when you’re unemployed you’re in a financial crisis because interest still accrues even when your student loan is on deferment.
Ultimately, the only way out of debt is paying it off. Although these options may help you cope with your student loans in times of financial crisis, you’ll eventually have to pay. So you better come up with a debt payment plan and find your way out so that you can shift your focus to building wealth rather than payment of loans.
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