These Resources Can Help Every Person With Student Loans Get Their Sh*t Together
Student loans are like those toxic friendships that you swear you’ll end eventually but put them off for two decades until you’re asked to be in their weddings and you’re like, noooooo, I should’ve taken care of this forever ago but didn’t know howww. Basically, they’re awful and everyone knows it. And even if you know every part of the student loan repayment process like the back of your hand, you might get caught up trying to find the right resources. So here’s everything you need to deal with those nasty loans and get on with your glorious life.
Basic Repayment Process Terms
Original Terms: When you opt into a loan, you’ll discuss with a representative the pay schedule. After you graduate, this form of repayment is essentially just sticking to your word on what you want to pay and when. The original terms usually have you on track to pay off your loans within 10 to 20 years.
Income-Based Repayment: This type of repayment restructures your original terms to fit into your budget and income. You have to apply for this type of repayment every year since your income could change.
Deferment: A deferment plan helps push off your repayment plan and is typically only granted to current students, military personnel or those who are unemployed. Basically, you need an amazing reason to defer your payments.
Consolidation: Consolidation, well, consolidates your loans. The process takes multiple loans and combines them into a simple new loan, which can extend your repayment terms for up to 30 years but could also increase your interest rates.
Public Service Loan Forgiveness: Allows you to waive loan payments after 10 years if you work for either a state or federal level of government.
Repayment Process Resources
Loan Consolidation: Learn about how you can start the consolidation process as smoothly as possible without messing with your credit (it won’t if you follow the steps!). You’ll also be better acquainted with the national consolidation program.
General Student Loan Forgiveness: Do you know if your loans could be forgiven after a certain point? You can use this resource to find out if you’re eligible, and if you’re not, what you can do to be eligible.
Student Loan Repayment Calculator: If you’re not already clear on your repayment schedule with your lenders, take a gander at this calculator, which will tell you how much you’ll have to pay off each month to reach your timeline goals.
Public Service Loan Forgiveness: In case you were just interested in knowing if you can be considered a public servant (and have some of your loans forgiven as a result), you can check for free.
Visual Student Loan Tools: The American Student Assistance group created a tool called SALT, which offers videos, tutorials and services to help you figure out your payment plans. With a free sign-up, you can opt into these resources ASAP.
Sh*t-Is-Hitting-The-Fan Solutions: Need to defer your loans? Are you even facing bankruptcy as a result of not being able to pay your loans? Student Loan Borrower Assistance gives specific guides on how to focus your efforts on getting out of that hole.