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Common Ways Borrowers Fail to Manage Student Loan Debt

Student loans are never an easy debt to carry. Thousands of Americans all over the nation struggle with student loan debt. Some reasons for these struggles are a few common problems borrowers face when dealing with student loans. Here are some tips on how to handle them:

1. Borrowers are not aware of student loan repayment options. Yet, there are many ways to repay student loans, especially if they are federal loans; each borrower should use a program that works best for their specific situation. Doing research on whether to use Income Based Repayment, Pay-As-You-Earn (PAYE), or getting student loan forgiveness through public service, can be helpful in gaging how to pay back student loans. However, contacting a professional in student loan debt is a good idea if you still cannot seem to get your debt under control.

2. Services might be hard to communicate a repayment agreement with. When borrowers send in extra payments for their student loans to their loan servicer they expect that extra money to pay off student loans, but because of lack of communication the servicer just puts that toward future payments without the borrower's knowledge. If you want your payments to be concentrated on paying back a certain loan, send a letter with the payment explain exactly to the servicer where you want your money to go. Keep track of all payments and close communication with loan servicers to make sure your payments are going toward what you need to pay off.

3. A lot of borrowers do not know what their student loans entail. Balancing savings and paying off student loans is difficult when a borrower is not aware of the loans interest rate and repayment amount. It is important as a borrower to find out this information from the beginning so that you can plan how much you are able to save while still paying back your student loans in a regular and timely manner.

4. Too much debt is sometimes the main problem. Many borrowers just are overwhelmed with too much debt that they took on throughout their college career. Sometimes parents feel obligated to help their children pay back debt; however, that is not a good idea for either party.

It is important when it comes to handling student loan debt to be well researched on the loans you have taken and what repayment option is best for you situation. Know the interest on all loans and keep in good communication with your loan servicer. Student loans are a difficult subject and if you feel you cannot pay back your loans contact an attorney who can help you figure out the best option for you.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Work Cited:

DiGangi, C. (2015, March 31). 4 Common Student Loan Problems -- and How to Deal With Them.

Retrieved April 6, 2015, from http://www.huffingtonpost.com/creditcom/4-common-student-loan-pro_b_6977684.html?utm_hp_ref=debt

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