Repaying Student Loans | How To Manage Your Student Loan Debt
Learn how to manage your student loan debt and save money repaying student loans!
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No Tears, No Worries: how to get rid of your student loan debt
There it is in the pile of mail you retrieved. You didn’t want to look but you already have. It’s the envelope from the company that services your federal student loans. Inside is probably a statement of what you owe. It’s been six months since graduation which means your initial grace period is over. You signed the Master Promissory Note agreeing to pay back what you borrowed and now is the moment of truth (cue the dramatic music here). Although when you open the envelope you may feel like Sisyphus carrying the boulder up the hill, know that you are not the only person facing student loan repayment. According to the Federal Reserve, in 2017, 42% of students attending college and 30% of Americans overall had to take out debt to cover their higher education expenses.
An inescapable fact
If you have federal student loans, you likely already know repayment is an inescapable fact. Getting your loans discharged in bankruptcy is only allowed in very limited circumstances. The traditional loan repayment schedule is 120 equal monthly payments.
Best ways to pay off student loans:
There are alternatives though to the traditional student loan debt solutions that you can take advantage of. Be aware though that doing so will require time, work, and above all, diligence. Just this past October, in her New York Times article, The Should Be Solution To The Student Debt Problem, Tara Siegel Bernard outlined some of the stresses of enrolling in and using the various income-based repayment programs offered by the Federal Government for managing student loan debt. Notably, she found that just getting enrolled in one of the Government’s repayment programs, a hurdle on its own, didn’t unilaterally guarantee successful loan repayment.
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