10 Tips for Managing Your Student Loan
Forbearance: A forbearance allows you to delay or suspend payments on your student loans. This can help if you have financial difficulties or need time to find a new job. Several types of forbearances are available, including temporary, partial, and permanent. You should contact your lender to see if there is a forbearance available that fits your needs.
Get help from a debt relief agency.
If you are struggling to manage your student loan debt, there are a few things you can do to get help from a debt relief agency. First, consider looking into programs offered by credit counselling agencies. They can help you develop a plan for reducing your debt and may be able to offer additional assistance, such as debt reduction tips or repayment plans.
Second, talk to your lender about available options for repayment. You may be able to explore specific payment plans or have your loan serviced through a private lender rather than through the federal government. Finally, consider income-based repayment plans if you cannot afford to make large monthly payments. These plans allow you to repay your student loans over a longer period based on your income level.
