Difficulty repaying your student loans? Know your options
Updated on July 3, 2019
Is student loan repayment becoming the bane of your existence?
More and more people are talking about their struggles with their student loan repayment plans as they feel completely buried by these financial obligations. When you have difficulty with repayment, you may feel tempted to default on your loans as a means of escape. This is not a viable option, but there are other ways to get out from under debilitating monthly payments.
If you are close to defaulting, it’s important that you contact your lender right away. There are forbearance options where you can go payment-free for a specified period of time while you are facing financial hardship. When you enter into a forbearance period, your interest rate will be tacked on to the end of your repayment period which may extend the life of your loan. Forbearance is a much better option than default, but if you can avoid it, it’s best to do so.
When you don’t qualify for forbearance, or do not want to go that route, there are other options available. You can have your payment lowered to reflect your current salary and help you to feel better about your financial health. This option will see you paying less now with your payment amount increasing as your salary and earnings rise. This is a good option for young professionals who may not yet be earning their desired salary.
Whatever your unique situation may be, there are different options that are available to you. If you are experiencing difficulty with your student loan repayment, the first step is to contact your lender. It is in their best interest to work with you and help you find the level of payment that is right for your current budget. No one wants to be buried by their student loan payment, and taking proactive measures to find the most appropriate payment level for your situation is best for your financial health.
Want to find out more about the repayment options that are available to you? Check out StudentLoanify.com today and learn more! It’s time to stop letting repayment stress rule your life.