Four Strategies to Help With Student Loan Debt


It has been often seen that most students fail to manage their student loan debts effectively after they graduate. The reason for this is simple. Most of them start spending the money they earn on luxuries and comfort instead of repaying their loan amount. If you too are one of this kind and finding it difficult to manage debts, here are four easy strategies to help you with debt management:

1) As new jobs and salaries call for more financial responsibilities, monthly loan repayment installments often get missed in the transition, leading to a marred credit report. To avoid this, it is advisable to oft for an Automatic Repayment Plan, a simple process that automatically deducts the monthly installments from your checking or savings account. However, if some sort of financial setback makes a timely repayment impossible, it is better to get in touch with your lender and work out a plan to deal with problems. This will help you avoid serious financial and legal problems that you might have to face in case of a loan default.

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2) Secondly, it is very important to choose the right repayment option. In case you are in an entry level, low-paying job, it is advisable to opt for a repayment program that is income-sensitive and aligns a monthly payment to the income. On the other hand, if you are earning a hefty salary you can choose a standard repayment option that features fixed installments with lower interest rates.

3) Another good strategy for efficient debt management is debt consolidation. However, you should go for this option if and only if the due loan amount exceeds $10,000 and the interest rate charged is higher than the current market interest rates. But, do not combine private loans with government loans at any cost. If you do so, you cannot claim any federal benefits, including the deferment or subsidized rates.

4) In case of an economic hardship or unemployment after graduation, you can choose deferment as one of the options available for debt management. This will allow you to stop making payments for a certain period of time. Alternatively, you can opt for forbearance, which is granted in yearly increments in cases of severe economic hardships. However, in case of both, deferment as well as forbearance, the interest continues to accrue.


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