Stress Over Debt?: How to Get Rid of Student Loan Debt
Over half of young adults that went to college in 2018 took on debt. If you are one of the many people that have student debt, it can be very stressful to be under the weight of paying off thousands of dollars in debt from going to school.
We are here to help you see the light at the end of the tunnel. Continue reading this article to learn how to get rid of student loan debt.
Student Loan Repayment Assistance
One of the things that will become more popular is student loan repayment assistance programs. Many employers that are competing for top talent will offer these programs as a benefit to get people to come to work for their company. If you can find an employer that offers this as a benefit, you might be able to get a chunk of your loans repaid.
Enroll In Income-Driven Repayment
Do you feel like you’re drowning under the weight of the debt you owe for student loans? If you don’t feel like you can afford what you have to pay for your student loans, you can apply to lower your payments according to your income.
There are different types of repayment plans available depending on your situation, so make sure to check into every option.
Qualify for Federal Student Loan Forgiveness Programs
If your student loans are through the federal government, you might be able to qualify for federal student loan forgiveness programs. There are different programs, but one of the most popular programs is the Public Service Loan Forgiveness program. Under this program, if you work in public service for 10 years, your loans can be forgiven.
Consolidate Your Student Loan Debt
While consolidating your student loan debt isn’t going to make it go away, it can make it easier to manage. Instead of trying to figure out what you owe and when you owe it, you’ll be able to have one loan and can easily see the balance.
If you find that you miss payments a lot because you can’t keep track of your loans, this might be a good option for you.
Refinance Your Student Loans
If you have private student loans, instead of continuing to pay high-interest rates, you might be able to refinance your loan to get a better interest rate. If you can get a lower interest rate, your payment could be a lot lower, or you could continue to pay the bigger payment and pay off your loan a lot faster.
Make sure the new interest rate is low enough that it is worth the trouble of refinancing your student loans.
Now You Know How to Get Rid of Student Loan Debt
Now you know how to get rid of student loan debt. With the information you have, you can start working toward your financial freedom from student loans.
Do you want to learn more about personal finance, education, and other important topics? Keep reading our blog to get the information you need.