For many Americans, repaying student loans has become extremely difficult, especially in the time of an economic recession. While it's almost impossible to get rid of student loan debts, even by filing bankruptcy, there are practical steps that consumers can take in order to find ways to pay off their debts without breaking the bank.
One of the smartest things that anyone struggling with student loan debts can do is to contact the bank that is managing the loan. Banks can typically offer a deferment or a forbearance in one phone call. A bank can offer a deferment for many reasons - including being unemployed, underemployed, becoming disabled, going into public service, or even for family reasons - such as the birth of a new baby. Deferments typically last for six months and the debtor isn't required to make any payments during this time. A deferment can be a great way to catch up without having to worry about student loan debt for a few months. A forbearance can allow a student to reduce or eliminate their loan payments for up to a year at a time. A forbearance can be issued for economic hardship, as well as many other reasons. For either option, a debtor should contact the bank that issued to loan to explain their situation and to see what options may be available to help them.
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Another option to help those who are having difficulty repaying student loans is to consolidate all of their loans into one loan that requires only one monthly payment. Many people take out a variety of loans during college and end up making multiple payments each month. Consolidating loans may have the advantage of lowering the overall payment and is definitely more convenient because only one check must be sent each month.
For those who work in high-demand careers, negotiating student loan repayment as part of a job contract is a great option. This is often an option for teachers who are willing to teach in school districts that are less desirable and for nurses and others who work in the medical profession. However, anyone can attempt to negotiate student loan repayment as part of a job contract. For people who have specialized knowledge or experience in their field, a company may be willing to pay a portion or all outstanding student loans in return for a guarantee of service for a specific period of time.
There are many ways to creatively deal with student loan debt. If you're finding it difficult to make all of your student loan payments on time, don't give up - keep trying until you find a way to make them more affordable for you.
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