Most college graduates are eager to get their foot in the door with their career of choice. Unfortunately, they’re too busy at their day job trying to work off their student loan debt.
Do you find yourself in this situation? Then we have some good news for you.
The following guide provides all the student loan advice you need. In it, you’ll learn what you need to know about the different types of student loans, student loan forgiveness, and more.
This guide also teaches you several repayment techniques/tips as well as any assistance programs that might benefit you. Find the student loan help you’ve been looking for right here.
1. Keep Lender Contact Info Handy
All the tips on this list require you to contact your lender from time to time. Make sure that you’re prepared to do so by keeping your loan documentation and lender contact info handy at all times.
2. Understand Your Loans
Next, you need to know what types of loans you have and what the specific terms are, including:
- Loan amounts
- Interest rates
- Whether the interest rates are fixed or variable
- Loan start dates
- Monthly payment amounts
- Number of years/months left in the repayment plans
This information helps you to negotiate with your lender when necessary.
3. Understand Your Grace Period
Also, you must know the terms of your payment grace period. How long do you have after the due date to pay? This is important because you should never, ever miss a payment. Missed payments mean huge late fees, which make your financial struggle even harder. They also destroy your credit..
4. Choose the Best Repayment Plan
Most likely, you have the standard 10-year student loan repayment plan. However, if this plan is difficult for you, you don’t have to stick with it.
In most cases, you can switch to an extended repayment plan, an income-driven plan, and other repayment models. According to this guide on credit restoration, a credit specialist can help you choose the most appropriate repayment plan.
5. Pay When You Can
Always pay your loans as early as you can. In fact, if you’re still in school, don’t even wait until you graduate. Pay now. The Texas Department of Motor Vehicles (TxDMV) manages texas vehicle registration for the state. Before you hit the road, make sure you’ve got the registration of your car so that you can also avail loan to pay your car registration fees.
6. Live Like You’re Poor
While you’re a student, you live off of very meager means. Don’t get suddenly greedy just because you have a job now.
Since you’re already used to meager living, continue to live below your means. This way, you’ll have plenty of money left over to pay your loans off early.
7. Defer When Necessary
Again, you must never miss a payment. If you’re falling behind financially, call your lender. You should be able to get your loan payments deferred until you can catch up.
8. Get Help
There are a lot of student loan help programs available. And the best place to learn about all of them is StudentAid.gov.
9. Get a Loan Forgiveness Job
There are certain jobs you can get that qualify you for student loan forgiveness. These include non-profit, public service, and government jobs.
Remember This Student Loan Advice
Don’t take this student loan advice for granted. Take these tips to heart and apply them right away to get out of student loan debt.
Next, learn whether or not online loans are right for bad credit buyers. Plus, find out what to expect from an online loan company. Discover these and other great tips on our Finance blog under the Business tab in our site menu.