Student loan debt is a huge problem in America. According to statistics from the Federal Reserve, there is over $1.5 trillion of outstanding student loan debt in the country! This is a major issue, and it’s only getting worse. If you’re one of the millions of people struggling with student loan debt, don’t worry – we have three simple tips that can help reduce your payments and make your life easier!
1. Start with the highest interest rate loans and work your way down
Federal Student Loans typically have lower interest rates than private loans, so it’s always a good idea to start with those. You can use this handy repayment calculator from the Department of Education to find out which loans have the highest interest rates. Once you know which loans have the highest interest rates, you can focus on paying those off first.
We know that making extra payments can be tough, but it’s important to try to do it whenever you can. Even an extra $50 per month can make a big difference over time!
Student loan repayment
Student loan repayment assistance programs can be a great resource if you’re struggling to make your payments. These programs typically offer lower interest rates and more flexible repayment terms, which can make a big difference for struggling borrowers.
Private Student Loans
If you have private student loans, you might be able to consolidate them into a single loan with a lower interest rate. This can simplify your life by reducing the number of payments you have to make each month, and it can also save you money in the long run.
There are a lot of options out there for borrowers struggling with student loan debt, and it can be tough to know where to start. But if you follow these three simple tips, you’ll be on your way to reducing your payments and getting out of debt!
Public service loan forgiveness
If you work in certain public service jobs, you may be eligible for loan forgiveness after making 120 qualifying monthly payments. This can be a great option for borrowers who are struggling to make their payments, and it can help you get out of debt more quickly!
Student loan forgiveness
Is a complex topic, and there are a lot of different options to consider. But if you’re struggling with student loan debt, it’s worth doing some research to see if you might be eligible for loan forgiveness.
Federal Loans
If you have federal student loans, you might be eligible for income-driven repayment plans. These plans can lower your monthly payments to a level that’s more affordable for you, and they can also help you get out of debt more quickly.
Federal Student Loan Forgiveness
If you have federal student loans, you might be eligible for loan forgiveness after making 120 qualifying monthly payments. This can be a great option for borrowers who are struggling to make their payments, and it can help you get out of debt more quickly!
Student loan forgiveness programs
Can be a great option for borrowers who are struggling to make their payments. If you think you might be eligible for loan forgiveness, it’s worth doing some research to learn more about the different programs that are available.
Loans forgiven
After you make 120 qualifying monthly payments, any remaining balance on your loan will be forgiven. This can be a great option for borrowers who are struggling to make their payments, and it can help you get out of debt more quickly!
2. Make extra payments whenever you can
We know that making extra payments can be tough, but it’s important to try to do it whenever you can. Even an extra $50 per month can make a big difference over time!
If you have the ability to make lump sum payments on your loans, that’s always a great idea. You can use this prepayment calculator from the Department of Education to see how much you can save by making extra payments.
If you’re struggling to make your regular monthly payments, there are a few options that can help. Student loan repayment assistance programs can be a great resource if you’re struggling to make your payments. These programs offer lower interest rates and more flexible repayment terms to help struggling borrowers.
Eliminate student loan debt as quickly as possible and you’ll be on your way to a bright financial future!
Consolidating your student loans can help you have a single monthly payment to worry about. If you’re interested in consolidating your loans, check out this helpful guide from the Department of Education.
Income-driven repayment plans can also be a great option for borrowers who are struggling to make their monthly payments. The plans are designed to help those who are struggling to make ends meet.
Student loan payment assistance programs can help you make your payments if you’re struggling to do so. These programs offer lower interest rates and more flexible repayment terms which can help struggling borrowers.
Monthly student loan payments can be a big burden, but there are ways to make them more manageable. If you’re struggling to make your payments, consider consolidating your loans or enrolling in an income-driven repayment plan. There are programs that can help reduce the interest rates and payments on student loans.
3. Consolidate your loans into a single payment to simplify your life
If you have multiple student loans, consolidation can be a great option. Consolidating your loans can simplify your life and make it easier to stay on top of your payments. Plus, you may be able to get a lower interest rate if you consolidate multiple loans into one.
Student debt consolidation is a great way to simplify your life and save money on interest. If you’re interested in consolidating your loans, check out this helpful guide from the Department of Education.
The Bottom Line:
If you’re struggling with student loan debt, there are a few things you can do to make your life easier. There are multiple ways to reduce your monthly student loan payments. Taking action now can help you get out of debt more quickly and avoid long-term financial problems.
No one likes being in debt, but it’s an unfortunate reality for many people. There are a few things you can do to ease the burden of student loan payments. EdFed is the best place to find student loan refinance options that work for you.
