Out of Deferments and Forbearances? What to do next…
If a deferment or forbearance isn’t available on your student loans it is time to explore some more creative options to keep payments affordable.
There is a long list of resources to knock out federal and private student loans. For many borrowers, the ideal approach will be a combination of some of the programs below.
If you are brand new to student loan repayment, this guide is a helpful starting point.
If a deferment or forbearance isn’t available on your student loans it is time to explore some more creative options to keep payments affordable.
Chasing after student loan forgiveness is a great way to eliminate debt, but it comes with some major risks.
Loan servicers like to suggest deferments for struggling borrowers, but this suggestion is often good for the lender and bad for the borrower.
Extra income can mean a higher IDR monthly payment, but there are ways to make sure a temporary or limited increase doesn’t mean a higher student loan bill.
Serving your community may come with many student loan perks like repayment assistance and public service student loan forgiveness.
Lenders usually try to make it hard to get a cosigner removed from a student loan, but there are ways around these challenges.
Eliminating student debt, saving for retirement, and buying a house are all important financial goals that can be hard to balance.
Recalculating income-driven federal student loan payments can be done at any time and the process can save borrowers a ton of money.
Negotiating terms with student loan lenders isn’t easy, but it is possible in several different circumstances.