Massive debt after graduation is all too common nowadays. Diplomas often seem to be degrees in debt. College costs are expensive and growing larger. Many people are using student loans to pay for their education and it is becoming more and more common that they use the loans to cover living expenses as well. Quickly paying off student loan debt becomes a dire necessity.
Imagine taking four years off from life with no income. Add to that the cost of an expensive education. The first step off the campus is the first step into worrying about bills. Debt looms large even before the first real paycheck comes in. Of course, the current economic situation is not helping. Fortunately, the federal government has some programs to help the graduate manage student loan debt and get help if needed.
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Avail yourself of the Income Based Repayment Program.
Depending on your personal financial circumstance, it may be possible for you to qualify for an Income Based Repayment Program (IBR) to help pay of your student debt. These are grants and they can be used to pay off part, in some cases all, of your student loan debts.
Not everyone is approved. The application process is simple but what is crucial is to show that paying off your loans would be a great hardship if not impossible. Right now the federal government is focused on helping individuals overwhelmed with debt, so look that way to help alleviate some of your student debt.
The federal government offers work exchange programs.
Aside from the aforementioned grant, the federal government also offers a work exchange program. This program allows for the forgiveness of certain student loan debt. Several venues are available wherein you can work for a certain number of years and eventually have your student loans forgiven.
You could work in a school in a low-income area, or work for a non-profit charity such as the Red Cross, or as some sort of public service person. A relatively unknown program, the application process determines whether you are presently doing this sort of work or if you would be willing to do it. According to time in service, all or part of your student loan debt could be forgiven.
Student loan consolidation can be a crucial first step.
Loan consolidation is a good move on a number of levels. Make sure you go through the consolidation under the auspices of the federal government. If you consolidate your loans with a private lender, the former loans sort of disappear and the new loan is an obligation to that new lender and out of reach by the government. Having just one obligation, due at one time of the month, in one payment amount, is considerably easier than dealing with a number of lenders.
Also, consolidation can reduce interest rates, make repayment terms more comfortable or manageable, and generally simplify financial management. It will also show folks who may be reviewing your finances for the grants mentioned above that you are interested in doing the right thing to save money and get your obligations paid off.
Record keeping is an important part of the process.
As with any application process for the above programs, the devil is in the details. Be sure to keep tight records regarding your funds, how and where and why they were spent. Keep all pertinent records that can exhibit the duress of your financial situation. Record keeping is a vital part of quickly paying off your student loan debt.
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