As per a recent study, there is currently a staggering $1 trillion student loan debt on citizens of America alone. And as more number of people struggle with their monthly repayment, there is a myriad of student loan debt solutions that can help you manage your finances better and more conveniently.
Most Effective Student Loan Debt Solutions
- Not having a complete understanding of your repayment options is one of the commonest student loan problems nowadays. If you find your repayment schedule challenging, you can research your various options such as public service student loan forgiveness, pay-as-you-earn, and income-based repayment plans.
- A majority of the people procure multiple student loans to cover the increasing costs of their education. However, once you start getting numerous payment reminders every month, it becomes extremely difficult to handle your debt effectively. The Special Direct Consolidation Loan program is a great way to consolidate your multiple debts into a single payment bill. By streamlining your multiple student debts into one, you can focus on a single payment every month and eliminate the chances of default.
- If you have a federal student loan and are unable to manage your repayment well, you can go for the Income-based repayment or IBR program. Under this program, you can adjust your monthly repayment liabilities down to only 15% of your monthly income.
- If your multiple student loan liabilities are handled by a servicer, you might consider explaining to him/her in writing about focusing on a particular loan first. If you want your extra payments to be contributed towards a specified loan prepayment and not wasted as a future payment, you must write to your loan servicer and highlight your instructions in clear.
Remember, it is always a good idea to avail a loan that is affordable and has a repayment schedule that can be conveniently managed with your other monthly bills. If you are struggling with your student loan debt or other bills, contact a bankruptcy lawyer in Dallas for help finding the right solution.