If you’re one of the millions of Americans saddled with student loan debt, you’re probably looking for ways to minimize your payments and get out of debt as soon as possible. An affordable bankruptcy lawyer in Tampa can help.
Recently, the president announced student loan debt relief that affects many Americans with student loans.
Many borrowers will soon see $10,000 to $20,000 of their debt cleared thanks to the plan. However, for many, even this is not enough to get them caught up and relieve the burden of their student loans.
What else can you do if you’re overwhelmed by student loan debt?
Here are eight proven strategies for dealing with student loan debt:
1. Refinance Your Loans
If you can qualify for a lower interest rate, refinancing your student loans can save you money in the long run. Once any part of your loan is cleared by the president’s plan, you can look into refinancing the remaining amount. This will make the overall amount you’ll pay, as well as the monthly payment due, lower.
2. Consolidate Your Loans
If you have multiple student loans, consolidating them into one loan can simplify your monthly payments and may reduce your overall interest costs. There is also a chance your monthly payments can be reduced by consolidating the loans. An affordable bankruptcy lawyer in Tampa can help with consolidation and refinancing your loan.
3. Enroll in an Income-driven Repayment Plan
If you’re having trouble making your monthly loan payments, an income-driven repayment plan can lower your payments to a more manageable level.
4. Pay Off Your Loans in a Lump Sum
If you come into some extra cash, you can use it to pay off your student loans completely. This will save you money in interest and help you get out of debt faster.
5. Pay More than the Minimum Payment
If you can afford it, paying more than the minimum payment each month will reduce your overall interest costs and help you get out of debt faster.
6. Make Bi-Weekly Payments
Making half-payments every two weeks instead of one monthly payment can save you money in interest and help you get out of debt faster.
7. Refrain from Taking on Additional Debt
If you can, avoid taking on any additional debt while you’re trying to pay off your student loans. This will help you focus your financial resources on paying off your existing debt.
8. Seek Assistance from an Affordable Bankruptcy Lawyer in Tampa
If you’re struggling to make your student loan payments, there are many resources available to help you. You can contact your loan servicer to discuss your options, or you can seek out assistance from a nonprofit credit counseling agency. It also might be a good idea to contact an affordable bankruptcy lawyer in Tampa.
If you are struggling with student loan debt, bankruptcy is an option that can help you get back on track. Of course, it’s not the right option for everyone. The best thing you can do is review your situation with an affordable bankruptcy lawyer in Tampa. To learn more, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.