Post-secondary education, either at a college or university, or a trade school of some sort, is an absolute necessity in today's world. The majority of us, however, are unable to attend school without applying for student loans through the schools we are attending and/or various other financial institutions. Student loans can certainly be a blessing, but following graduation we are, of course, obliged to pay off our student loan debt. This can present obstacles that are either very difficult or impossible for us to overcome as we begin our newly achieved professions. Thankfully, there are a number of options available to us for handling our student loan debt in a more reasonable and financially responsible manner.
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Credit Card Transfer
One of the most obvious methods of dealing with an outstanding student loan, is to transfer the balance to a credit card, possibly effecting a lower interest rate, lower monthly payments, and/or a longer period of time to pay off the loan balance. If your credit is in good standing, you may be able to find any number of introductory deals on credit cards which offer zero percent interest for the first year on balance transfers. All monthly payments will go directly to the principle of the loan and reduce your debt significantly. Then, when introductory interest rates disappear, you always have the option of transferring the balance yet again to a new credit card offering the same benefits. If anything goes drastically wrong, and you are forced to file for bankruptcy, your credit card debt will be waived and the loan will be eliminated.
Consolidation
Debt consolidation, very similar to a credit card transfer, can provide you the opportunity to lower the interest rate and monthly payment amounts of your student loan account through a third-party bank loan. One of the benefits of debt consolidation is that any number of debts can be rolled into one lump sum. Credit cards, overdue payments, and various other loans can all be consolidated into a single loan, with a low interest rate, thus improving your credit score and overall financial position in a single conglomeration of debt.
Forbearance
Student loans are also open to the option of debt forbearance for a number of valid reasons. Essentially, through forbearance, you bring a delinquent account back to a current status and put off any further payments for up to a year at a time. Unemployment, economic hardship, and military deployment are some of the legitimate reasons that a lender might grant a forbearance on an outstanding student loan debt. This option, however, is not always available, and generally offers only a specific time frame during which the forbearance must be requested. Once a debt account defaults, you will more than likely lose this option.
Cancellation or Reduction
Many financial and educational institutions offer options that allow you to cancel or significantly reduce certain types of student loans. Find out what types of loans you have and what options are available to you through your lending and educational institutions. Community service is one of the more popular ways of reducing your loan amounts. Natural disasters, such as hurricanes and earthquakes, also provide sufficient reason to reduce or wholly eliminate certain debts. Do the research and determine what options are open to you through your lenders.
Full-Pay
As impractical as this option might seem, you always have the option of full-paying your loan. This can either be done with your own money, or with a loan from family or friends. A family member can lend you the money to pay off your student loan and provide very flexible pay-off options. And you are unlikely to accrue any interest at all from a family member or friend. Having satisfied your student loan, your credit score will be affected positively, and your ability to improve your overall financial situation will adjust accordingly. This option is not available to everybody, but if you do know someone who can help you to free yourself of financial burdens, you should accept their charity and improve your economic standing.
In closing, these are some of the most common ways of dealing with your student loan debt. The methods discussed above can help to reduce or eliminate your debt, lower your interest rates, and achieve more reasonable monthly payments on your account. Hopefully, as your post-secondary education begins to pay off, your ability to satisfy your loan will also improve dramatically. But if you're professional life isn't proceeding as smoothly as you hoped, there are a number of reasonable options available to you concerning the payment of your outstanding student loans.
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