It is possible to consolidate your student loan debts on both government-backed loans and private loans. There are special programs to address both types of indebtedness for borrowers wishing to pay their student loans but who are unable to do so using their starting salaries without assistance.
It is simple to locate providers of assistance in paying student loan debt online. The Internet is a great source of many different types of financial assistance; student loan assistance is just one of the many categories available.
It is possible to search out the proper avenue of relief simply by looking at the listings of available loan help and contacting the provider directly. Once the proper information and the request are submitted, the company offering help can approve the request and begin to aid the repayment process.
With a federal loan, you can either ask for and receive an economic hardship deferment or a forbearance which can suspend or reduce your monthly loan payments. Private student loans- those not made under the auspices of a federal program - have different guidelines for dealing with aid on their loans; on those, interest may still accrue and be due and payable according to their specific terms.
A quick way of determining whether you qualify for one of these programs granting help to persons with student loans is to use the online hardship calculator to figure out what type help you are entitled to receive. This describes eligible programs and what they will do in exchange for your complying with their requirements.
Remember that any program which lowers your payments will most likely extend the loan term (length of time to repay). Some programs exist that will lower your payment and extend the term as long as 30 years!
Even though it sounds attractive to have your student loan payments lowered and the loan term extended, try to avoid being locked into paying the loan for an extended period of time. Doing so just to have lower payments now will only prolong the payments for longer. Getting them out of your way will open up increased financial freedom for you at an earlier time.
Despite the fact that student loan debt help is available, if at all possible, pay your student loans off as quickly as possible and save any future interest payments. You will wind up better off in the long run even if it takes cutting back on your lifestyle in the short run. See a student loan counselor at a local school to check on your possible options at your earliest convenience!
