For many Americans, obtaining a college degree is a significant milestone in their lives. However, that milestone often comes with a significant cost in the form of student loans. With the average student loan debt now hovering around $30,000 per borrower, it’s no wonder that so many struggle to make their loan payments each month.
Student Loan Relief Extended Through End of Year
Fortunately, there are options available to those struggling with student loan debt. According to the latest data, relief from federal student loan payments has been extended through the end of the year. This means that borrowers who are struggling financially can continue to delay their student loan payments until January 2022 without facing any penalties or interest charges.
While this extension may provide some relief for borrowers in the short term, it’s important to remember that it’s only a temporary fix. If you’re struggling to make your student loan payments, there are several options available to you that can help make your loans more manageable in the long run.
Student Loan Rehabilitation: What Is It & How Does It Work?
One option available to borrowers who are struggling financially is student loan rehabilitation. This program is available to borrowers who have defaulted on their loans and allows them to get their loans back in good standing by making nine consecutive on-time payments.
During the rehabilitation period, your monthly payment will be based on your income and expenses, which means you may be able to make smaller payments than what you’ve been making previously. Once you’ve completed the nine-month rehabilitation period, your loans will be returned to good standing, and you’ll be eligible for income-driven repayment plans and other benefits that were previously unavailable to you.
Student Loan Consolidation: Is It Right for You?
Another option available to borrowers is student loan consolidation. This program allows you to combine all of your federal student loans into one loan, which can make your monthly payments more manageable.
With student loan consolidation, you may be able to qualify for a lower interest rate than what you’re currently paying on your loans. This can save you money in the long run and make it easier to pay off your loans on time.
Student Loan Forgiveness: Understanding Your Options
Finally, there are a variety of student loan forgiveness programs available for borrowers who are struggling to make their loan payments. These programs are typically available to those who work in specific industries, such as education or public service, and can provide significant relief from the burden of student loan debt.
It’s important to understand that not all borrowers will be eligible for student loan forgiveness. However, if you’re struggling to make your monthly payments and you work in an eligible industry, it’s worth exploring this option to see if you qualify.
Tips, Ideas, and How-To’s for Managing Your Student Loan Debt
If you’re struggling with student loan debt, there are several tips, ideas, and how-to’s that can help you manage your debt more effectively. Some of the most effective strategies include:
- Creating a budget and sticking to it.
- Exploring income-driven repayment plans.
- Considering student loan refinancing or consolidation.
- Looking into student loan forgiveness programs.
- Exploring other debt management options, such as debt consolidation or credit counseling.
By following these tips and strategies, you can take control of your student loan debt and work towards a brighter financial future. Whether you’re exploring student loan rehabilitation or forgiveness, or you’re simply looking for ways to make your monthly payments more manageable, there are plenty of options available to help you succeed.
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