The latest in a series of student loan affordability challenges that are impacting more than 10 million students and costing more than $5.7 trillion in lost income and wages.
But even with the latest wave of student debt relief, students can still save big with some basic student loan repayment tools and tools to help get you through the rest of your loan.
Here are some tips for keeping your student loans in the black while you go about paying your bills:1.
Keep your loans in writing and with you2.
Don’t pay off your loans as quickly as you think you can3.
Don.t. let your loan get late.
If you’re on a loan and need to make a payment right away, it might be worth making it a month or so in advance to let your debt get a little more mature.
If your student loan is paid off in installments, it will cost less and your monthly payments will likely be less than you would have paid off with a lump sum payment.4.
Don;t pay off student loans over the next several years if you’re going to have to do so.
If that happens, you might want to defer payments for at least three years.5.
Don?t take out a large amount of student loans that are in arrears.
Most borrowers have to repay the loans when they reach the limit for their loan.
This isn’t a good idea if you are looking to take out student loans for an undergraduate degree.
And if you want to take a loan for an advanced degree, the loan must be paid off before you graduate.6.
If the amount of your loans is too high, ask for a loan modification.
The student loan modification process may not require you to pay more, but it may require you a longer time to pay off the loans.7.
Check your loans monthly payments and make sure you’re paying them on time.
This can save you money over time.8.
Check out our recent Consumer Financial Protection Bureau (CFPB) Student Loan Data Blog post on student loan debt relief and repayment tools for a deeper dive into some of the latest consumer credit reporting data.9.
Take advantage of other student loan relief programs, including student loan deferment and refinancing.
These programs offer low-interest, low-cost repayment options that could help lower your debt while you work toward getting a degree or graduate.10.
Find out how you can get more out of your student debt by refinancing it.
The federal government has some of it’s biggest loans in default right now, and you can refinance a loan to lower your principal.
Some lenders offer refinancing tools that are similar to a down payment.
Here’s a list of several options for refinancing your student debts.11.
Make sure your student payment plan includes a repayment plan for loans with a max monthly payment.
A max payment for your federal student loans can range from $1,000 to $1.5 million depending on the terms of your debt.
Some loan programs also have guidelines on how much you can pay each month.
If you want more help in getting your student payments on track, check out the student loan calculator.
It’s a great way to compare your current payment and your repayment plan.