On Finances: My Experience Explained

How to Eliminate Student Loans

Maybe you are a millennial who is working now in a corporate job. You want to be able to do some travelling as a way to destress you but your financial situation won’t allow you to. Or maybe you want to rent out a nicer apartment but you can’t afford it. What is stopping you is your student loan. You feel hopeless just thinking about the many years that you will still have to pay for it. You wonder about the life you will have if you didn’t have. Well there is hope for you. What you need to do is strategize in order for you to be able to finally get rid of this loan that’s been holding you back. In this article we share some tips on how you can do that.

First is you need to check out repayment plans and decide which is better for you. You will find two of these plans. The first one is based on the income of the individual. The basis of the second one is the monthly rate payment that is flat. Now you may automatically think that it is based to go for the low flat monthly rate but actually if you compute it, you end up paying more with this plan. However you can choose the plan based on income if you can pay it.

The second thing that you can do is to look into alternatives in paying off the debt. One alternative is debt consolidation. There are third parties that buy debts that are consolidated. Then you pay the third party the full amount. This is much less expensive than having to make several debt payments every month. Another thing that you can do is to look for debt forgiveness. This is what Navient student loan forgiveness gives to those qualified. The people who want to apply for this are checked for their income and if they do public service. Those who are also disabled can become qualified in the Navient student loan forgiveness. If they find that with your income you really cannot make the payments then you might be eligible for their Navient student loan forgiveness. What you need to do is to research about the process of application to it. There are websites that will explain how you will go about applying for the Navient student loan forgiveness. Another alternative would to ask your employer if they can shoulder part of your student loan and deduct it from your salary.

Be sure also that any extra money that you may earn or get will go to paying of your debt. The most important thing is to see if you can qualify for Navient student loan forgiveness.

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