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.
Student loans can be overwhelming, especially in today's economy where there are over $1 trillion of student loan debt in America. Borrowers who are just out of school and need to begin to think about paying off their loans should keep in mind that there are multiple payment options out there. Many people are in different financial situations and along with the right payment plan one can find loan payments less stressful.
Starting in October, the Department of Education will contact student loan borrowers who are struggling to repay their federal student loans to make sure they know all the options available to them. The department will start sending out emails to those who seem most likely to benefit from the programs. There are income based repayment programs that would benefit a lot of people but many are not aware of the programs. The department wants students to know of these programs before they end up defaulting on their student loans.