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How To Get Help With Student Loan Debt

By Rick Mulholland

With the high price of college tuition these days, many graduates are interested in knowing how to refinance student loans. By refinancing college debt and consolidating into one low-interest loan, recent grads can ease their financial burden and also save thousands of dollars by the time the entire loan is paid. For anyone who is not familiar with student loan refinancing, this is generally taking out a new loan at a low interest rate and using the money from that loan to pay off various student loans. A student loan refinance will generally make it easier for students to make their loan payment by either locking in a lower interest rate or by extending the term of the loan. Obviously, the former is preferable, but not always possible.

For students, refinancing may not always be the better option. A federal Perkins loan is one of the lower-interest ones out there and it’s designed to help in-need students finance postsecondary education. Refinancing this type of loan will actually make it impossible to take advantage of some of its benefits.

You can reduce your interest rates on your student loan by getting a consolidation loan which combines the different federal student loans into a single vehicle. You only make one monthly payment to settle your existing loans. You get more than reduced interest rates when you opt for this solution. You can track your payments easily, and avoid the stress of making many different payments per month, plus your monthly payments can be reduced as well. This solution is best for you especially if you do not qualify for other repayment plans.

Another program that you can consider is the Teacher Loan Forgiveness Program. If you work as a teacher or an administrator in a public or private school, you can apply for Teacher Loan Forgiveness. This program is designed to offer student loan relief to teachers employed to offer their services to the public. You can qualify for loan forgiveness for amounts ranging from $5000 to $17,500. This program is one of those created by Congress as an incentive to motivate those working in the teaching sector and those who would want to serve the community as teachers.

The lender can give you the permission to completely stop making the payments or to reduce your payments due to reasons such as poor health, unemployment, or other unforeseen hardships. You can also find many reasons to apply for loan cancellation. In some situations you can only cancel part of the loan, but there are certain requirements to be met. If you were enrolled in an institute that closed down while you were there, you may qualify for loan cancellation.

One a loan has been refinanced, continue to make the same payment as before in order to pay off the debt as soon as possible. The faster a loan is paid, the least amount of total income that goes towards that loan. Students today can benefit from living frugally early on and then enjoying being debt-free later in life. Consider these tips on how to refinance student loans when trying to lighten the financial burden of college and make monthly loan payments a much easier process.

Before you read any other author, make certain you read this guide on obama student loan forgiveness and debt consolidation student loans.

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Article Citation
MLA Style Citation:
Mulholland, Rick "How To Get Help With Student Loan Debt." How To Get Help With Student Loan Debt. 17 Apr. 2014. uberarticles.com. 2 Aug 2014 <http://uberarticles.com/finance/how-to-get-help-with-student-loan-debt/>.

APA Style Citation:
Mulholland, R (2014, April 17). How To Get Help With Student Loan Debt. Retrieved August 2, 2014, from http://uberarticles.com/finance/how-to-get-help-with-student-loan-debt/

Chicago Style Citation:
Mulholland, Rick "How To Get Help With Student Loan Debt" uberarticles.com. http://uberarticles.com/finance/how-to-get-help-with-student-loan-debt/


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