By the time you graduate, you will have multiple loans to repay, whether they are private student loan or federal student loan, no loan comes without interest. After graduation the immediate loan repayment is sure thing to stress you. The repayment starts within 6 months of graduation.
Paying back students loan can be intimidating. But no need to freak out, with determination and a proper plan you will definitely repay your loan.
Everyone wish to be debt free as soon as possible. Who likes to spend their hard earned money in repaying loans? No one right. Everyone wish that they could have a great holiday, buy an expensive car or fulfill any dream they have, from their income.
Never forget that, defaulting student’s loans can lead to serious consequences. It can ruin your credit score and you won’t be able to apply for any other loan in future. In case of federal loan, be prepared for your wage garnishment as your paycheck will be send directly to the government for repayment of loan. In case of private student’s loan you are not only putting yourself in trouble but also anyone who co-signed your loan is at equal risk.
Here are some ways to pay off student’s loan
Take a note of the following points which will guide you in repaying students loan with ease and proper understanding.
- Get a proper understanding of your loans
- Be attentive of details and paperwork
- Know Your Grace Period
- See if you are eligible for Income-Based Repayment
If you are repaying under income based repayment for 25 years and meet certain other requirements, any remaining balance will be canceled.
This program is not for the people who hold private loans. Even though your loan is sponsored by a private company, there are possibilities that it could be a federal loan. To make that sure you can login to www.nslds.ed.gov (national student loan data system) to see if you currently have a federal loan.
- Start making payment while still in school.
- prepay if possible
- Ask for Loan Repayment Money for Gifts
- Ask your employer’s help
- Loan Forgiveness
- Consolidate your loans
Contact Bruce mesnekoff for any further assistance
Student Loan Help Center General Manager Bruce Mesnekoff joins us to Discuss the Student Loan Situation in America
You can find Bruce Mesnekoff on socials too.