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Student Loan Debt Relief

A recent article posted earlier this week, spoke about warnings against the student loan debt relief industry. To prevent borrowers from getting hurt by deceitful debt relief companies, the National Consumer Law Center suggests some alternatives to combat debt.

One suggestion is to look for services such as mediation programs. These programs provide borrowers with an unbiased review of complaints and concerns involving debt. However, such programs are not designed to handle complex situations and might not be the best option for borrowers.

Another suggestion is credit counselors. Credit counselors recently have been directed toward addressing student loan debt. However, student loan debt cases are not all the same and such services are difficult to tailor to a borrower's personal situation. Default management companies are an option also. These companies are hired by schools to offer guidance; however, they mostly deal with forbearance and deferment as a solution to student loan debt, which is not the best option for borrowers in the long run.

Information released by Pew Research Center this past spring, showed almost 40 percent of U.S households with heads under 40 years old, have student loan debt. The study stated that student loan debtors have a larger amount of built up debt than households who do not have student debt.

For these debtors a sure fire way to get back on the right track to debt relief would be to contact an attorney who works in the student loan law area. Attorneys in this area of law practice know how to address debt that can develop from such loans. Speaking with a well knowledge attorney who can give you your best options involving student loan debt, will help you understand the process of getting out of debt in a timely manner that will be beneficial to your finances.

Some important tips for borrowers and those thinking about student loans:

· Gain financial literacy early in your college career.

· Borrow only what you need.

· Know the current balance of your loans each year.

· Make monthly payments regularly.

· Apply for scholarships to cut down reliance on student loans.

· Look to federal loans before deciding on taking out a private loan.

· Talk to your Financial Aid office at your university.

· Set a budget and keep track of all expenses.

· Stop spending unnecessary money on luxuries.

· Make sure you look at all interest rates on loans and credit cards before deciding on one.

Work Cited:

Avoiding the pitfalls of student loan debt (- Boulder Daily Camera)


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