Student loan debt is something that many of us struggle with after graduation. According to Studentloanhero.com: “Americans owe nearly $1.3 trillion in student loan debt, spread out among about 43 million borrowers. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.”
These numbers really hit home every month when you get the online (or paper) reminder that your dreaded student loan payment is due. The psychological impact can feel even worse than the financial one when the anxious questions start to flood our minds: Will I spend the next 40 years paying minimum payments? Will I ever make enough in my job to not live paycheck to paycheck? What if I can’t pay it back? What will happen to my credit score?
Ultimately, we want to know how to get rid of this dark cloud hanging over us and get a grip on our finances. First, take a deep breath. We can work through this together by developing a Debt Payment Plan, which involves evaluating your current spending, habits, re-payment options, and creating a road map.
We will walk through both your Federal Loan re-payment options as well as private re-payment options. Beware of debt consolidation options that may not have your best interest at heart. Student loan debt is like any other debt you owe: the entity or person loaning you the money makes their money by charging you interest. The longer you owe money, the longer they collect interest payments from you.
After gathering and analyzing your situation, we can create a road map for you to knock out your student loan debt, along with any other debt you may have. Once you have a plan, the dark clouds of fear and anxiety can give way to a brighter, more stable future.