Having trouble with your student loan payments? Here are three crucial options to get you back on track!
Student loans can be a huge burden, especially when your income drops either because of cut backs or getting laid off.
If you’re in such a situation, here are some ways you can stay afloat with your loans.
Consolidate & Refinance Your Student Loans
Consolidating your loans can be a great option for two reasons:
Lower payments: If you have lower payment obligation, you can continue making the same payments before the consolidation and pay the loan quicker. No increase in your expenses, but you’re reducing your debt quicker. That’s a win-win.
Lower interest rate: Even if you can’t make extra payments, you pay less interest over the life of the loan.
Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..