What to Do About Student Loan Debt

What’s something you have that you desperately want to get rid of? If you answered student loan debit, you wouldn’t be alone. Millions of Americans are struggling with paying off these loans, and the problem just seems to be getting worse. So how do you become part of the solution?

Well, the first obvious answer is not to get into debt in the first place. If at all possible, rather than financing your education through a private student loans, try to qualify for federally available Pell grants, which don’t need to be repaid, or for Stafford loans, which are usually available at a more affordable interest rate.

Of course, even these types of loans can become a burden in some cases. There are many options that can allow you some breathing room like forbearance or income-sensitive repayment plans. You can also check with your workplace. If you work in certain types of public sector jobs, you may be eligible to ease or even eliminate your loan debt through the Public Service Loan Forgiveness program.

If neither of these options is available to you, or if you already have a crushing debt load looming over you, there are still viable alternatives to reduce the burden. Try refinancing. Private student loans typically don’t have the variety or forgiveness options that Department of Education ones do, but that doesn’t mean you’re stuck with an unbearable interest rate. Like your credit card or your car loan, refinancing these loans can save you hundreds of dollars.

While student loans debt is making national headlines, in many ways it’s no different than any other debt. So, you can also try these general tips to reduce your burden.

Good luck and best wishes for whatever method you choose.