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Ways to afford Student Loan Payments

Student loans may not be worrying students at the moment while they are still getting their degree in college and not required to make payments; however, 6 months after they graduate college payments are due. Letters are sent to borrowers from loan companies telling them how much they owe.

For many recent college graduates the minimum payment on a loan each month is difficult to pay, due to lack of a job that pays enough to afford the student loan payment, or other financial obligations. Thankfully, for those borrowers who cannot afford their monthly payments there are a lot of ways to be able to make some payments toward their loans.

Firstly, a borrower should contact their lender and ask for a payment plan; whatever amount you end up paying is better than not paying a student loan at all. For someone with Federal loans there are many payment options: the default option is a 10 year payment plan of regular even payments. If for some reason a borrower cannot afford that, they should look toward an income-based repayment plan or Pay-as-You-Earn (PAYE) plan. Both of these plans use your monthly income to calculate how much you owe each month.

Another way to afford to pay back student loans is to see if you qualify for student loan consolidation. This is where you can combine multiple Federal loans into one, which gives you a better repayment plan option, such as extending the amount of time you have to pay off your loan from 10 years to 25 years.

Deferment may be an option too. Deferment allows a borrower to postpone their payments for specific reasons such as, still attending school or unemployed. Check with your lender to see if you qualify; if not try forbearance, which can stop payments for up to a year, however, interest will still occur throughout that time. Student loans are a difficult financial obligation for many people. If you are one of them look into repayment options or contact an attorney who will be able to help you become debt free.

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:

Three Simple Actions To Take If You Can't Afford Your Student Loan Payments (Forbes)http://www.forbes.com/sites/robertfarrington/2015/01/22/three- simple-actions-to-take-if-you-cant-afford-your-student-loan-payments/2/

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