How Can I Get Some Help With Student Loans?

In today's society, a college degree is almost always necessary for one to find their desired job. However, therein lies the problem: a college education is often a rather pricey proposition. Four years of tuition at a top school can often cost well into the six-digit range. This means that for many students, taking out hefty loans are the only option. But with a struggling economy, many students face difficulty finding a job to pay off their loans. Luckily, there are several actions to take.

Things You'll Need

  • Telephone
  • Computer
  • Internet access
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Instructions

    • 1

      Contact your loan provider to find the exact amount due. Develop a monthly payment plan and adjust your budget accordingly. Sacrifice areas of waste in your budget to pay off the loans.

    • 2

      Request that your loan be adjusted to an extended payment option. This will create a lower monthly payment, but extend the time in which you're expected to pay it off. Beware, though--the extended payment option will cause you to accrue more interest over time.

    • 3

      Request adjusting your loan to an income-based repayment plan. This will restrict the expected payment amount to a set percentage of your monthly income. An income-based repayment plan will let you continue your loan payment, while also allowing you to have money for other monthly expenses.

    • 4

      Request a loan deferral to put your payments off until an agreed-upon date. Loan deferral can be used during periods of unemployment or in times you can demonstrate that you're financially unable to pay off the loans.

    • 5

      Delay other financially burdensome goals such as marriage or purchasing a home, until your student loan problems are under control. The primary goal during this period should be reducing your loan balance to a manageable total.

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