Student loan debt has soared in recent years as college tuition has increased and graduates have struggled to find employment. If you are one of the many people struggling with this burden, you are probably searching for the best way to get rid of student loan debt. Below are a few steps you can take to get things under control and make student loan repayment easier.
1. Communicate with your loan servicer
Nothing is more harmful to your financial reputation than to ignore your student loan statements. It’s crucial to face the problem head on, open up those statements and assess them honestly.
You probably have a general idea of how much you owe, but once you factor in interest and repayment terms, you may be looking at a much higher final balance. Get familiar with all the charges on your statements and the estimated time it will take to pay everything off.
2. Know your repayment options
Student loans can be classified into two categories: private and federal. If you have federal loans, you have more repayment options than you do with private loans. Do your homework on your particular government loan terms – you may be eligible for federal student loan forgiveness programs.
If you have private loans, prioritize and pay them off first. These generally carry adjustable rates, which can fluctuate.
3. Ditch the plastic
Don’t take on new debt, especially unnecessary credit card debt. Get your spending in order by creating a realistic budget for yourself that makes room for your monthly student loan payments plus a little more, without having to pull out the charge card. Paying even a small monthly overage on your loans can cut down your interest and shave months, or even a year or two, off your total repayment term.
4. Get Help
Student loan counseling from Take Charge America can help you learn the student loan repayment options available to you and the pros and cons of each. You’ll receive expert guidance to help you make the best decision for your financial situation.
Get started now! Call 877-784-2008 or schedule a call here.