As a new college graduate, you’ll typically have six months before you’re required to start paying back any student loan debt. Even if you’ve still got some time before graduation, it’s not too soon to begin thinking about your student loans and coming up with an effective repayment plan. As you begin to pay back your student loan debt, keep the following tips in mind:
Get help if you need it
Whether you’re not ready to pay back your student loans once that six-month period is up, or something happens years later that leaves you unable to pay, ask your lender for help. Your lender will go over the different options that are available to you, and you may be able to postpone payments or pay a lower amount each month based on what you earn. However, beware of these options, as this will likely result in higher interest rates and more debt overall. But as a last resort, receiving this kind of help from your lender can be a potential lifesaver. You may even qualify for partial or full debt student loan debt forgiveness, so explore those options as well.
Let your lender know about any important changes
A lot can change over the years, so if you move, change your phone number, or begin using a new email address, it’s important to let your lender(s) know. Otherwise, you might miss out on important communications from your lender, including due date alerts, updates on your balance, and any other changes.
Be wary of possible scams
There are deceitful organizations that may approach you with a tempting offer to get rid of your student loan debt or make your payments more manageable. Whether you find something on your own while researching student loan debt relief options, or an organization contacts you, it’s important to be cautious. Always contact your lender to confirm the legitimacy of any programs or organizations that claim they can help you with your student loan debt.
Are you in a tremendous amount of student loan debt and don’t know where to begin? Student loan debt can take many years to pay off, and many borrowers find it to be very overwhelming. But if you’re receiving long-term payments from an annuity or structured settlement, why not use some of that money to pay down (or eliminate) that student loan debt? Although the periodic payments might not be enough to tackle all that student loan debt, receiving that cash in one lump sum payment can make it much easier. At Peachtree Financial Solutions, we can purchase some or all of your future payments and you can receive your money sooner. You may be able to use the lump sum of cash you receive from Peachtree to pay off any outstanding student loan debt.
On the other hand, maybe you’re just getting ready to start college and you’re trying to figure out how to pay for the expenses. Common options include financial aid, scholarships, and student loans. But if you don’t want to burden yourself with student loans and you’re an annuitant, you may have the option of funding your college education by selling your future annuity payments.
Contact Peachtree Financial Solutions today to learn more about paying for college or eliminating student loan debt by selling future annuity payments.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.