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What to Do When You're Drowning in Student Loan Debt

What to Do When You
Posted By: Anita Ginsburg on December 17, 2021

Student loan debt in the U.S. has skyrocketed in recent years, and many students cannot afford to repay it. With the COVID pandemic, the government provided a moratorium on loan payments to give students a break, especially when many campuses closed down temporarily. This forced classes to go online at many or most colleges, which some students were not prepared for, and they gave up or failed many courses. If you are a student facing a huge college loan repayment in the near future, here are some options to consider.

Negotiate Smaller Payments

Ask your loan provider if you can make smaller repayments at least temporarily. Some financial lenders will agree to this option if your payments were current before the pandemic hit, and you have not otherwise missed payments or made late payments. It helps if you have a good credit score, so pay your other bills on time to avoid a lower credit rating.

Settle Your Student Loan

Depending on the balance owed on your loan, you may be able to reach agreement with the loan provider for the balance to be reduced so that you can pay it in full now. Some financial lenders will agree to accept a lesser amount than the original loan balance in exchange for it to be paid in full.

For example, if you owe $10,000 for the student loan, the provider might accept $8,000 if you pay it off now. Ask your lender about student loans settlement options if that is something you might be able to afford. There are also companies and lawyers that can help you negotiate a settlement with your lender.

Refinance the Loan

Another way to manage your student loan payments is to refinance the balance at a lower interest rate. Not only will you possibly get a lower monthly payment that is easier on your budget, but you also would pay less over the life of the loan due to less interest.

Work a Part-Time Job

To quickly pay off the student loan, you could get a second part-time job, preferably doing something you enjoy or something that is not particularly difficult. The extra income could be paid on the loan to pay it off early, which will also save interest and reduce the total amount financed. With employers in every sector looking for workers, you can possibly find a job that you are comfortable with short-term.

Don't let student loan debt stress you out. Check out these suggestions for making your payments more manageable or inquire about student loans settlement to pay off the debt more quickly.
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