The Parker Law Firm can help all student loan debtors get a handle on the repayment of their student loan obligation. This is the first part of a blog on dealing with student loans. Today’s article addresses getting organized and formulating a plan to repay them.
School’s over. Now is the time to make it pay off and earn some money. After all, that’s for what all of the hard work was intended. But for many, not only do every day expenses need to be paid, so do student loan obligations. Moving forward, here are some things to think about concerning the repayment of student loans:
- Know and understand your loan(s), including its terms and other important details including the interest rate, which is important when considering consolidation. Knowing which loans are eligible for repayment plans or deferment is important.
- Investigate and consider an income-based repayment plan to reduce your monthly payment. If total debt is greater than your yearly salary, you will likely qualify for this type of plan. You may even be able to have your loans forgiven, albeit after a significant passage of time like twenty (20) or twenty-five (25) years.
- Consider consolidation to lower your interest rate. This should also make your loan repayment process more organized and easier to manage. Many experts advise that federal student loans should not be consolidated with private student loans. Remember that consolidation may also cause you to possibly lose some opportunities regarding loan forgiveness, deferment, and income-based repayment plans.
- Look for incentives like auto-pay and cash back where available. Many lenders provide a small interest rate reduction for making auto-payments on student loans. There are even accounts you may open that allow cash back on online purchases to reduce student loan debt.
- Get a job that provides enough to comfortably pay your loans, in addition to necessary expenses like housing, food, and utilities. Make extra payments if possible. Make a budget, stick to it and live within your means.
- If problems arise, explore loan forgiveness, forbearance or deferment without delay. Some programs allow you to volunteer to reduce student loan debt. Joining the military may offer some student loan forgiveness. There is also the possibility of obtaining a deferment or forbearance of student loan debt. Stay tuned for more about these options in upcoming blogs.
If you experiencing problems repaying your student loans, the Parker Law Firm can answer all of your questions going forward as well as help you obtain a deferment or forbearance. Call 770-246-1331 or e-mail the Parker Law Firm to schedule a consultation to discuss your student loan(s).