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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.
Refinancing Your Loans Quickly & Easily
Refinancing your student loans could save you thousands of dollars!
They offer competitive and low rates (as low as 2.36%!) plus they’re offering a $100 bonus now!
Note About Consolidating Your Loans
There are differences with private versus student loans. You can get all the details with my interview with Jay Fleischman.
He’s an attorney who specializes in student loans and bankruptcy. Jay is very knowledgeable and passionate about helping his clients.
What if you are on a somewhat limited budget, could you make your student loan payments a bit more manageable? You can if you apply for receiving income based payments.
Apply for a Deferment
What if you just can’t make payments right? Perhaps you lost your job and your unemployment check barely covers your essential bills. Can you get some help?
The good news is that you can pause your student loan payments by getting a deferment. It will postpone your payments for a specific time period (interest on your student loan.
You have to qualify to get it, but if you have the circumstances this is a good option until you can get your head above the water.
Thoughts on Student Loans
How about you? Do you have difficulty making your student loan payments? I’d love to hear from those who have succeeded in any of the above options. How have you worked through it?