10 Tips for Managing Your Student Loan
Use a repayment plan
If you’re finding it difficult to manage your student loan debt, you can do a few things to make the process easier. One way is to use a repayment plan, which will allow you to repay your loans over a longer period. There are a few different repayment plans, each with its benefits and drawbacks.
There’s also the option of refinancing your student loans. This is an extremely important step if you have high-interest rates on your loans or are struggling to make payments. Refinancing can give you a lower interest rate and save you thousands of dollars over the life of your loan.
Make extra payments
You can do two or three things to help manage your student loan debt. First, make extra payments every month. This will reduce the amount of interest that accumulates on your debt. Second, try to get a lower interest rate. You may qualify for a lower rate if you have excellent credit or are eligible for government financial aid. Finally, don’t forget to pay off your debt as quickly as possible. Interest compounds daily, and adding more years of debt will increase the repayment cost over time.
Ask for a discharge or forbearance.
If you are thinking about requesting a discharge or forbearance on your student loans, there are some things you should know first.
Discharge: If you have met all of the conditions for a discharge, your lender may decide to forgive your entire student loan debt. Usually, you must have made full and timely payments for a certain period and meet other specific requirements.
