The Best Ways to Manage Your Student Loan Debt

Here are the best ways to manage your student loan debt.

The Best Ways to manage your student loan debt

The Best Ways to Manage Your Student Loan Debt

If you are struggling to pay your monthly payments, you can stretch your payments out with an Extended Repayment Plan.  You can also apply for a Graduated Repayment Plan and pay less without extending the payoff date.

There’s also options to pay based on your income-known as the Income-Contingent Repayment Plan for Direct Loans, and Income-Sensitive Repayment Plan for Federal Family Education loans.

Your student loans can be forgiven after 10 years if you work for a public or nonprofit agency.

If your student loans are not part of a government program and are held privately, it can be very difficult to get your payments adjusted or deferred. It doesn’t hurt to ask though!

If you would like to combine all of your loans into one payment, look to the Department of Education’s Student Loan Consolidation Program.

If you are unable to make any payment at all due to a financial hardship, or you are enrolled in school at least half time, consider applying for a deferment. Interest will not accrue while the subsidized loan is deferred, however, interest will continue to accrue on deferred unsubsidized loans.

It is very important to pay your student loan debt on time. If you become delinquent,  they can be turned over to a collection agency and your paycheck can be garnished to pay it back. If you are owed any money from the government, like a tax refund, social security, or disability payments, they will be seized to pay back the loan.

So, if you’re struggling to pay your student loan debt, look into some of the above-mentioned programs so you can begin to manage your student loan debt and breathe easier!

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