How to Get Help with Your Student Loans
Continuing your education is wonderful. It can help you land your dream job and expand your horizons; however, getting a diploma does come at a cost – a very high cost.
On average, it costs about $24,000 a year to attend a public, in-state or modest college, and a private college costs an estimated $49,000 a year. Several factors affect the cost of tuition; including the college you attend, your grades, your major, the degree you are working toward and whether or not you will need room and board. You can expect to pay a pretty large chunk of change to earn a degree.
While scholarships can certainly help cover the cost of college, you have to qualify for them and you will be competing with many applicants. Even if you do receive a scholarship, most likely it won’t cover the entire cost of your education. Unless you have a lot of money stocked away, how are you going to pay for college? – By taking out student loans.
Student loans are great, as they can afford you the opportunity to continue your education, but there’s a catch: you have to pay them back. High-interest rates, the high cost of living and the inability to find a job in your field can make it difficult to pay back your debts.
Not paying your loans is something that you want to avoid at all costs. It can do extensive damage to your credit, your wages could be garnished and your income tax refunds could be withheld and applied toward repaying your loans. So, what can you do if you are having trouble paying your student loans? There are several options available that could help you.
Check Your Repayment Options
There are different ways to repay a loan, and each comes with a different repayment plan. These methods include:
- A level repayment schedule
- A graduated repayment schedule
- An income-sensitive repayment plan
- An extended repayment plan
Each method offers a different option for repaying your loan. For example, an income sensitive repayment plan is based on your total gross monthly income, which can help to ensure that you make your monthly payments.
Provide a Service
If you provide a certain service to the public, the government has decided that your student loan debt will be eliminated, as well as other related debts that you may have accumulated while you were in college. In order to be eligible for loan forgiveness, you will likely have to work or volunteer at a non-profit organization or offer a service that the government feels will benefit society; teaching at an urban school, for example.
Consolidate Your Loans
Consolidating your loans will combine several different student loans from different lenders into one large loan from a single lender. Consolidating could help to lower your interest rate and your monthly payments, which could make paying back your debts easier and faster in the long run.
If you are having trouble paying your student loans, contact Tayne Law Group, P.C. Our firm specializes in debt solutions and can help you find the best, most affordable options for student loan repayment. We can also help you determine if you are eligible for student loan forgiveness. Contact our firm today to learn more about the steps you can take in managing your student loans.