Student Loan Help

4 Options to Consider if You Need Student Loan Help

Student loan help is availableIf you’re struggling to make the payments on your student loans, and you need student loan help, you’re not alone. When the 2017 college class graduated, the average amount of student loans each one carried was in excess of $39,000. College costs are increasing every year forcing students to borrow more. This only adds more to the total outstanding student loan debt which is just under $1.5 trillion dollars.

When you factor in that about 11% of these loans are in a delinquent status, taxpayers will be on the hook for a lot of money.

There are a few options available to you that can help get you back in control of your debt. Consider one or more of the following that can help to make your life a little easier.

  • Consider changing to an income-based repayment plan.

    If your college education was funded with federal loans, there is student loan help available that can lower your monthly payment to an amount based on a percentage of your current income. With a federal loan, you are able to modify your original loan agreement and reduce your payment. This program can help a lot and keep your loans current.

  • Consider refinancing your loans

    This option is available to you if you have federal loans or private loans. Be careful though, when refinancing your federal loans, to not forfeit student loan forgiveness down the road. Speak with a counselor and get all the facts and recommendations. Usually, on a federal loan refinance, you should be able to get a better interest rate as well. If you’re refinancing private loans you more than likely have a co-signer or a guarantor, so be sure to discuss this with them first. If all credit scores are good, you might be able to get a reduction in the interest rate as well. If anyone suggests refinancing a federal loan into a private loan, be extremely careful and get professional advice.

  • Consider a second job

    I know..I know. You’ve started your new job and you put in a lot of hours, and you’re too tired to think about a second job. I speak from experience so I know where you’re coming from. It’s not easy, but if you’re committed to repaying your student loans, this will get rid of them faster than any other way. There are many things that you can do to earn the extra income. Finding one that you like is very important. Don’t use that extra money for anything but paying down your student loans, and the day that you are debt free won’t be very far away.

  • Consider moving back home

    This is one option that I hesitate to suggest for many reasons. Sometimes parents balk at this, but if you can show them that you’re doing all that you can to repay these loans, they may be willing to help. Plus, if you can help them by doing things around the house, it will go a long way. This is only meant to be a very temporary solution, so don’t plan for the long term.

Consider one of the above options, or all four if you want to get rid of your student loans as quickly as possible. Being able to reduce the rate of interest on your loans will mean that you will be paying less interest over the term of your loans. Plus, paying extra principal each month will reduce the interest paid even more.

Student loans are a necessary evil and often times, they are the difference between getting a college education or not. You don’t always have to attend one of the Ivy League schools, so be prudent in your selection. Before you go into default, get student loan help as soon as possible.

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Sam G.
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Sam G.

Paying off your debt can feel so rewarding when it is all finally finished. I am well on my way to paying down my debt. I hope that others can find this freedom too. All the best.

Sally P.
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Sally P.

I’m having a terrible struggle trying to keep my student loans current. I couldn’t get a job in my degree field and had to settle for one paying a lot less. Even with the income based repayment, it’s hard because with my rent, and so many other expenses, my money only goes so far. I definitely won’t call my parents for help.

Chuck W.
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Chuck W.

My parents wanted me to move back home until I get my loans paid off, but after a lot of thought, that wouldn’t be fair to them. They helped me all that they could, so I have been looking for a second job. I was lucky enough to get a good job when I graduated, so that takes care of all of my basic needs, and I can use all of my net pay from a second job to repay my loans.

Nancy N.
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Nancy N.

I’ve been reading a lot of comments all over the internet about student loans and am wondering how getting a college education became so expensive. Even a lot of the state colleges have tuition rates that are choking a lot of students. Where does all the money go?