Finding the best ways of tackling student loan debt takes time and patience. Even though you can make the monthly payments, you still need planning in order to minimize these monthly payments, save thousands of dollars, and improve your chance of getting a good credit score.
You need a proactive approach when tackling student loan debts especially when you have other payments to make such as credit card bills or the car loan. Studying related loans generally have a lower interest rate as compared to credit card debt. This means that you should concentrate more on paying down your credit card debt than your student loan debt. But you are definitely lucky if you only have a student loan debt.
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Some studying related loans allow you to make payment for a period of ten years with a monthly payment structure. Nevertheless, you still need to have planning to save money. Here are a few pointers to effectively lower your costs.
Graduated Payments
The first thing to do to start tackling your loan debts would be to contact your lenders. You need to verify how much the monthly payment is going to be. If it is just too much for you to handle, you can ask for alternate options.
Some lenders would allow you to make graduated payments. You can pay as little as half of the usual monthly payment and then gradually increase the payments every month. You would have to be careful when making gradual payments that you only pay the interest without the principal.
Loan Consolidation
Loan consolidation is one other effective way of tackling student loan debts. This is good if you have various loans that have different interest rates. If you consolidate all your loans, you will only be paying all of them at a fixed interest rate. You can also lower the amount you are paying as well as be able to extend your repayment period. Another benefit you can get out of loan consolidation is that you can improve your credit.
Deferment and Forbearance
You can choose to defer payment on your loans if you are nearing the end of your grace period and that you are planning to continue studying, disabled, or currently unemployed. The government will help you by paying for the interest on your subsidized loans for up to three years. With forbearance, you can still delay payments for up to three years. But you would have to pay for the accumulated interest throughout the forbearance period.
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