3 Tips to Deal With Student Loans

The task of paying your student loan debt isn’t usually apparent until you finish college. While for some people, the payments might low, this might not be the case with everyone.

With that said, and if you’re in a quandary with student loan debt, here are 3 tips to deal with student loans:

#1: Determine what your rights and options

In the case where you cannot make any payments at all, it’s important you recognize what your rights and options. Options such deferment or forbearance. While the former involves getting your lender to give you a few months until you get your finances in order, the latter means that you won’t have to make any payments. Better still, your student loan won’t accumulate interest either.

#2: Stick to a Plan

In the circumstance where you can make the monthly payments after looking at your budget, make sure that you take support from your family members by gaining their approval on the plans that you will make and stick to it. Also, make use of online tools so as to keep track of your payments, expenditure and income.

Another way to supplement your income, if you’re a writer or a designer, is to apply for jobs on oDesk, Mechanical Turk or even Elance.

#3: Don’t give up if you can’t pay up – take action

Defaulting on your loan is the last thing that you should do if you think can’t handle your monthly payments. In the case of federal loans, there are income-based repayment programs that will allow you to make payments which are capped at 15% of your income.

Even if the overall payment duration is extended to 25 years and more, with more interest to pay off, it’s still better than defaulting, isn’t it?