The Devastating Results Of Student Loan Debt

October 4, 2019 Stu Q

Student loan debt is something so many Americans have had to incorporate into their finances in order to get a higher education. Unlike other countries, where universities are free to attend, America has continued to increase the prices to get a better education. This further increases the systemic issue of dealing with excessive student loan debt which will loom over people’s heads for years to come. So how do you stop it or at least repair the damage so many are dealing with?

1) Student Loan Forgiveness

There is a program through the government which will forgive student debt (non private) for those who are in a government or public servant field as a job after college. Upon graduation, you would need to be in the field and also have made 120 consecutive payments on your student loan debt. Unfortunately for many these day, career changes are constant, and it can be a struggle to make 10 years worth of payments. However, if you are able to stick through it, you would be able to qualify for the rest of your loan to be forgiven.

2) Career With Student Loan Forgiveness

Some companies have added a student loan forgiveness benefit into their business model. Much like companies who provide tuition reimbursement, many companies will provide loan forgiveness. There might be limitations on the total amount per year or in total, but it will definitely be better than nothing. In other professions even, companies will add loan forgiveness as part of your sign on bonus (you see this with law offices).

3) Debt Consolidation

If you are near a breaking point with your student loans or just need to make life a little easier, debt consolidation can be very beneficial. For many, you will have loans from both federal and private institutions. All with their own interest rate depending on when or where you got approved. Thus, you will often end up with different payments when they all come due. Consolidation will allow you to take one loan to pay off a couple of them with a lower interest rate and payment. This will look better on your credit, and will make paying them off that much easier.

Do research and check out all of the options you may have out their to pay off your debt. It doesn’t have to be a burden if you are able to control the issue before it becomes overwhelming.