Student loan debt relief is a popular subject. Many college graduates and non-graduates, suffer from seemingly unmanageable student loan debt, and are left with many questions surrounding student loan debt relief. Here we’ll discus some realistic student loan debt relief options, as well as some student loan debt prevention tips. The best student loan debt relief is student loan debt prevention. For those students attending college, or getting ready to attend college here are a few student loan debt prevention tips to consider:
Take time to research what the average income will be for careers in your field of study. Use this information to get a general idea of how much student loan debt you will comfortably be able to handle. Most financial aid experts will advise students to borrow no more for their entire education than they’re expected to make with their first year starting salary after they graduate.
Many students skip applying for college scholarships because they assume they will not qualify. There are college scholarships for all types of individuals and for all types of career fields. Just obtaining one $500 scholarship each year for a college undergraduate, equals between $2000 and $2500 that can be avoided in student loans.
FAFSA can provided students with Federal grants which will not need to be repaid, as well as some of the lowest interest student loans available. Every college student in need of financial aid for college should apply for FAFSA before applying for private student loans.
Again, the best student loan debt relief is limiting student loan debt in the first place. Working a part-time job while attending college can help limit the amount of student loan debt an individual will accrue.
For those already done with college, your student loan debt relief options may be limited, depending on what type of student loan debt you have. Below are the majority of the most common student loan debt relief options:
Please view: Best Student Loan Consolidation Tips.
Students who have federal student loans may be eligible for an extended repayment plan, which lowers the monthly payment by extending the life of your loan(s). You will pay more over the lifetime of the loan, but this can help make monthly payments affordable, and prevent default.
Please view: Income-Based Repayment Program.
Student loan deferment or forbearance can be used as a short-term student loan debt relief option. A deferment or forbearance can suspend your student loan monthly payments for a duration of time, giving you additional time to find employment (for example) without having to worry about becoming delinquent or default on your student loan payments. Be aware that student loan interest will likely capitalize during the deferment or forbearance period.
Please view: Student Loan Forgiveness Programs.
Q: If I have defaulted on my student loans, how do I…5 Ways To Minimize Student Loan Debt
If you’re currently in college, chances are that you’re accumulating student loan…The Difference Between Loan Default And Delinquency
When it comes to student loan debt, many questions automatically arise. Default…What Is Capitalized Interest On My Student Loan
Q: I just received a statement for tax purposes on my private…
Have a college financial aid question? CollegeWhale.com is full on answers! Type your question in the search box to get started.
Sign up for The CollegeWhale.com Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.sign up