Student loan debt in America has doubled in the last ten years. Now, it accounts for $1 trillion in debt, and many of those who are repaying student loans are reaching retirement. For some, student loan debt will never go away in their lifetime. When considering whether to take on student debt or how to finance them after the fact, know that there are debt relief options to consider.
First, a federal student loan forgiveness program could help you pay off debt for a lower rate and get rid of it completely in about 10 years. Most of these are only eligible for those who work in the public sector, but the legislation surrounding student loan forgiveness is rapidly evolving.
You may be able to defer student loan payments if you return to school, are unemployed, or if you can prove hardship. A student loan debt attorney may be able to help you determine if you have a hardship case that may help mitigate the strain of student loan debt. An attorney may also help you determine if you qualify and review any other debt relief options you may have.
Many loan companies will help you find a better repayment plan if you call them and let them know your circumstances. They may only require a certain amount of your income or extend the amount of time you have in which to repay your loan, which would lower the month-to-month cost.
Finally, something everyone should try to do with debt, is to try to consolidate your loans into one. Paying off the highest interest loan first and bundling your loans under the lowest interest rate you can find can help you pay off your principal amount in a much shorter time. A student loan debt attorney could help you restructure your debt toward that end.