As any millennial would readily tell you, student loan debt is one of the single biggest issues in their financial life. College costs have skyrocketed in the past couple of decades, and with the economic downturns, you can’t even land a job/career that can reasonably pay back the debt.
But as you well know, life doesn’t care about the economic climate, and that principal is hanging over your head like a costly gray cloud. To help you with that, you can peruse student loan debt relief service reviews to find that Accredited Debt Relief stands heads-and-shoulders above other merchants for finding a solution to your debt problems.Below, we outline a path to getting your chips in order and taking advantage of their services.
Do You Need a Grace Period?
Obviously, you don’t want to be encumbered with loan repayment the moment you’re out of school, or the the very month after your business gets off the ground. To this end, look for personal loans that have a grace period. It is during this time that you can gather materials and search for options to alleviate the debt.
The first place you should look for loans is the federal government, which has programs for small business loans, student loans, etc. Next, and probably more comprehensive, is the bevy of online lenders that specialize in lessening the impact student loans have on your finances. Pay attention to the payment plans, and compare and contrast the associated interest rates. Sometimes, depending on how long you’ve had the loans, they can even be forgiven.
Is Debt Consolidation and Option for You?
The crux of debt consolidation is a lowering of the associated interest rate. All it means is that you combine all of your outstanding debts into one, which facilitates on-time payment, and can secure a better rate since the risk you pose to the new lender is lowered by the act of consolidation, itself.
Keep in mind, however, that you do not want to consolidate your federal student loans with any outstanding private loans,because of the often wildly differing rates, and how they are calculated. Private ones pay a lot more attention to your credit score, for example. On the other side, federal student loans are more likely to be forgiven if you meet all the criteria.
The Job-Hunting Game
When college is over, your primary goal is to, of course, find a job. Not just any job, though – that’s often easy enough; you need a job that is capable of paying back your student loans and allowing you to make a living. To this end, then, your search might begin with companies that incentivize the position with a student loan forgiveness program. You’ll find a lot of these in the medical and legal professions, where volunteer and pro bono work are possibilities.
There’s Help Out There If You’re Struggling
The worst thing you can do if you’re having problems paying back your student loans is to try to “stick it out”. Especially when there’s so much federal aid and private help available. Missing payments can seriously affect your credit history, making it much harder to borrow money at even remotely acceptable interest rates in the future. This goes for your future house, your car, etc. Just a bit of research may uncover some income-based/deferment options – so don’t hesitate to seek help the minute the monthly payment becomes a problem.