Student loan debt affects nearly 45 million Americans. Young Americans in debt need to avoid bankruptcy and maintain their credit in order to qualify for such things as a house or car in the future.
There are plenty of solutions to offer debt relief to get you back on track. A change in employment or a new job can require a recalculation of your finances or a restructuring of your payments. Negotiating the variety of options can be daunting for recent graduates also trying to enter the job market.
Here are four helpful tips on how to get relief from your student loan debt.
- Avalanche Repayment
Avalanche repayment plans entail organizing your repayments. If you hold multiple loans with a single creditor, you can adjust where your payments go. Make it your priority to pay off your highest interest loan debt first.
You can often direct individual payments or divide your monthly payment amount to go toward those high-interest loans, before being applied to others. Debt relief may be as simple as paying your loans off in the right order.
- Manage Your Cost of Living
If you have recently graduated and entered the job market, you might not have set up good financial habits yet.
If you’re years into the job market, you may have formed some bad financial habits. It’s always good to look at your spending every few years to ensure that you’re not paying for an old gym membership that you don’t use.
Last year, millions of people paid for dial-up internet service they don’t use. That is how common it’s to overlook your spending habits.
- Employer Reward Programs
Employers in tech and medical industries, where high-level degrees are required, try all sorts of incentives to attract the best talent. One recent bonus employers have been offering to new hires is a “debt repayment” program. These programs will look different depending on your employer because there is no standard for them.
Some employers offer a contract that entails working for a certain number of years to help pay off your loan debt. In this scenario, you exchange your loyalty to the company for repayment.
Another repayment program might deduct a small percentage from your check, which your employer will match, that will be used to repay your debt on a regular basis. Your debt will disappear without you having to think twice about it.
- Hire a Debt Negotiator
Depending on the severity of your debt, relief might need to come urgently. If you’re already balancing debt from a home, a car, and medical bills, your student debt may very well be just one piece of a complicated puzzle.
Creditors are interested in receiving the most amount of money as soon as possible. Repayment plans can be upset by life changes or shifts in the job market. Debt negotiators can help by offering creditors a deal to erase your debt. Financial hardships are a good reason to renegotiate your debt.
A good debt negotiator can help you assess your situation and state to creditors how much you can afford and when.
Get Loan Debt Relief Today
If you’ve been putting off resolving your debt issues, stop today. The longer you wait, the worse the problem may get.
Resolve your debt today and get your financial freedom back! Contact us to learn how.
The Effective Legal Debt Solutions team is comprised of caring, seasoned professionals with years of industry knowledge coupled with personal real-life experience of dealing with debt settlement situations that many of our clients are facing today.