Don’t Let Unaffordable Payments Weigh You Down
The Struggle to Keep Up
Student loans often equal unaffordable payments, especially when trying to build a career, buy a home, or start a family after school. Life can throw so many obstacles in the way of paying off your student loan debt: credit card debt, mortgage payments, car loans, and more. When you fall behind on paying your education loans, you risk becoming delinquent or defaulting on your loans.
Once those unaffordable payments have weighed you down to the point of missing payments, you open yourself up to some serious consequences. Falling into default is no joke and can lead to wage garnishment, credit damage, and aggressive collection activities.
The good news is that even if you can keep up (for now), you don’t have to be stuck with an outrageous, pricey commitment. In fact, most student loan borrowers miss out on affordable payment options because they don’t know about them.
How to Afford Student Loans When You Can’t Keep Up
Often, when you find you can’t afford your student debt, it’s because something changed. Maybe you originally signed up for a graduated payment plan, and your payments are starting to rise. Or your other monthly costs are building up.
Luckily, the federal government gets that life happens and offer many benefits that go along with federal education loans. You may be eligible for some temporary relief from paying with forbearance or deferment. If that doesn’t stop you long-term from dealing with payments you can’t afford, these benefits mean that your student loan payment plan might be able to change with you.
Making Student Loan Payments More Affordable
Did you know you can revise your federal student loan payment plan every few months? If you can’t afford your current plan, you may be eligible to lower your monthly payments, interest rate, or consolidate your debt. Even if you’re caught up with your loans, you may still want to consider other options and expect future needs.
This payment plan revision option could be different if you’re dealing with private student loans. Private loans have some key differences from federal loans, including the lack of assurance of the benefits available to federal borrowers. However, that doesn’t mean you’re out of options. You just may need to consult your private loan’s terms or your loan servicer to find out what repayment plan options exist for you.
Talk with a Student Loan Advisor
You have ambitions in life, and we want to help you get there. Depending on your financial and life goals, there may be a better student loan solution than what you currently have. Our Student Loan Advisors keep updated with industry rules and guidelines, so you can trust that their advice is in your best interest.
Our Method for Lightening Your Debt Load
First, we’ll have an open, no-cost consultation to get a good idea of your current student loan and financial situation. Once we have a strong understanding of you and where you stand with your student debt, we investigate every solution that you are eligible for.
Then, we’ll walk you through your options, revealing how each solution will affect you. Whether it impacts your monthly payment, time to pay, the total balance due, or any other concerns, you’ll be empowered to can make the smartest choice.
When you’ve made a decision you’re comfortable with, our Student Loan Advisors will work to make that solution a reality for you. When our work is done, your student debt load will be lightened. With less debt dead weight, you’ll be able to focus on living your life.