5 Tips for Managing Your Student Debt


While the media goes on (and on) about what has gone wrong with student loan debt, I encourage you to take the road less traveled, and focus on what can go right.

You have the ability to produce a HUGE positive impact on your financial health, simply by taking your focus away from the media, and putting it on your current loans, and their repayment assistance options.

Read on for 5 tips that will help you manage your student loan debt:


1. Organize your loans.Keep Calm and Get Organized - Student Loan Advisor Set aside some time to get clear on what your balances are, who your lenders are and what your interest rates are. After all, this is your financial life, and it deserves your time and attention.

Avoiding your student debt won’t do you any good; in fact, I’d say this is the primary cause of federal student loan default (considering how much flexible repayment assistance they inherently have, you’d have to be avoiding them like the plague – and totally unaware of how much help they come along with – to default on them).


2. Lower your payments. Call your lenders (all of them) and find out if there’s a way to lower your payments. Ask questions about your repayment options, and about any other concerns you may have.

It never hurts to ask, and you’ll feel a big sense of relief once you see yourself taking action. Remember that lenders exist because of the business you bring them, and it is their job to help you in every way they can.


3. Delay your payments. Read up on all the different methods available to you to delay your monthly payments. There are repayment assistance options such as Forbearance and Deferment in existence right now — but they can’t help your wallet unless you ask them to. Make the calls or get online, and put these to work for you. Speaking of getting online…


4. Register your accounts online. Go to each of your lenders’ websites and register your accounts online. Working with your lenders in cyberspace is a lot faster than working with them through snail mail. Plus, you can see the latest changes to your account with them, and keep track of your dwindling balances, with just a few clicks.


5. Seek expert guidance. Most people who offer student loan guidance have never even worked in the student loan industry, so make sure you Google around and search for a consultant who has experience with both the student industry and the financial services industry. Student loan debt is presently part of your financial landscape, and finding expert with thorough knowledge is key!

Luckily, you’ve landed on such an expert’s page. If you’re feeling ready, set up your free appointment with me so I can show you how to make the best of your options in managing your student loan debt!

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