Student loans: The more you learn about them, the more questions that seem to come in your mind, Correct? So Bruce Mesnekoff, According to you what’s the best way to get out of student loan debt? Do you think Any One can simplify his monthly payments? Whom do I talk to about all this?
Here are five tips you probably don’t remember while thinking about student loan, but should:
1. Think of your student loan consultant or provider as your new best friend
Your student loan service provider is the company that receives your payments, so it should be your first point of contact if you ever have trouble affording them or have questions about your loan. You should also contact your loan provider if you:
- Graduate or leave school. Your servicer needs to be up to date on your progress. Keeping in touch will also help you learn about your grace period and repayment options.
- Change your name, address or phone number.
- Transfer schools.
- Are a reservist called to active duty with the U.S. armed forces for more than 30 days.
2. Take advantage of tax benefits from government and plan to get more rewards
The next time you’re doing your taxes, remember to check if you qualify for tax breaks based on your loans or student status. There are two main types of tax “Rewards” you may be able to take advantage of:
- Deductions: These reduce your taxable income and apply to educational expenses, as well as the interest you pay on student loans during a given year.
- Credits: These reduce the taxes you owe and apply to educational expenses while you’re in school.
3. Keep an eye and make track on your subsidized federal government loans
If you take longer than your published program length to graduate, you might become responsible for the interest on your subsidized loans while you’re still in school. Why? Subsidized loans, which are usually interest-free while you’re in school, have a maximum eligibility period.
The limit applies to those who first took out federal loans on or after July 1, 2013.
4. Consolidate your federal loans to keep track of payments, so that its easy future for you
Consolidation, the process of combining your loans into a single, new loan — can simplify your payments, but it might cost you more in the long run. If you consolidate your federal loans, your interest rate will be the average of your current rates, rounded up to the nearest 1/8 of 1%.
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6. Ask Consultants who giving free consultation like Bruce Mesnekoff and his Team from Student Loan help center for help.
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