If you are one of the many new graduates that are facing a huge amount of student loans, below are a few tips on how to tackle repaying your debt
- Employment. You are unlikely to be able to begin payments on your student loans until you are employed. If your first payment is approaching and you are still unemployed, take steps to keep your loan in forbearance. This will prevent your loan from going into default while you are still searching for a job.
- Consolidation. If you have multiple loans with different interest rates, you may want to consider consolidation. However, it is vital that you research the available consolidation programs and select one that offers the lowest interest rate.
- Debt repayment plan. It is important to create a budget and figure out a debt repayment plan. Your plan must include all of your debts, not just your student loans. If you need specific assistance with your student loan payments, there are certain repayment programs available. You should also look into the possibility of obtaining student loan forgiveness.
- Commitment. If possible, you should pay above and beyond the amount owed each month. This is especially important to do while you’re not married or you don’t own a house. Not only will it save you money, but student loan debt can impact your financial future, so you want to pay them off as quickly as possible.
- Take action. If you begin to struggle to make your payments, don’t delay in contacting your lender. Creditors are more likely to work with you before your loan is severely delinquent. It may also be important to contact a student loan attorney for assistance.
If you would like a down-to-earth approach and a lawyer who will listen carefully to all your questions and concern, call DeLadurantey Law Office, LLC,at (414) 377-0518. We serve clients primarily in the areas of student loan law, Chapter 7 and Chapter 13 bankruptcies, debt negotiations and defending foreclosure actions. If you live in the area of Milwaukee, Wisconsin, call us for the debt relief assistance you need. Visit our web site and like us on Facebook.