Are you making payments on your student loans but feel like you are barely making any progress? If you have explored all of the typical options and you haven’t found any solutions that work for you, it may be time to think outside the box.
Below are a few unconventional ideas for helping you manage your student loans:
Ask your employer for help. Some employers are willing to include all or a portion of the payment of your student loans as part of your signing bonus or benefits package. Employers understand that student loan debt is overwhelming for their young employees, so it can’t hurt to ask. Even if your employer does not offer reimbursement for your tuition costs, you should use bonuses or raises to pay your loans off faster.
Consider public service. If you have a federal student loan and you have a career in public service, you may be able to get your educational loans forgiven. The Public Service Loan Forgiveness Program provides that full-time public service employees, including military personnel, may be eligible for student loan debt forgiveness.
Reduce cost of living expenses. Where you choose to live after you graduate can significantly impact your ability to repay your student loans. If you choose to live somewhere with a low cost of living and you commit to living frugally, you will repay your debt quicker. This may include living with a roommate or living outside city limits.
Claim your tax credits. When you file your federal taxes, you can deduct most of the interest you have paid on qualified student loans. You may also be able to claim the American Opportunity Tax Credit for higher education expenses.
If you are struggling to repay your student loans or you are being harassed by your student loan lender, contact us for assistance. We have successfully assisted graduates with reducing or eliminating their student loan debt and we can help you too.
The “defender of the little guy,” DeLadurantey Law Office. LLC. handles bankruptcy matters (Chapter 7 and Chapter 13) in Milwaukee, South Milwaukee, West Milwaukee, and Milwaukee County, including the municipalities of Bayside, Brown Deer, Cudahy, Fox Point, Franklin, Glendale, Greendale, Greenfield, Hales Corners, Oak Creek, River Hills, Shorewood, St. Francis, Wauwatosa, West Allis, and Whitefish Bay. The firm also can handle your debt negotiations, debt relief, and mortgage loan modifications. Contact DeLadurantey Law Office, LLC by phone: (414) 377-0518. Like us on Facebook.