Get Ready for Student Loan Payments to Resume
Student loan repayment is coming whether we like it or not. Get prepared with these expert strategies to handle student loan debt as payments resume.
Explore Forgiveness Options
First, explore potential debt forgiveness programs. Check if you qualify for:
- Teacher Forgiveness: In place for those who have dedicated five years to teaching at a low-income school.
- Closed School Forgiveness: Applicable if your school closed while you were enrolled or shortly after your withdrawal.
- Disability Forgiveness: Designed for those with permanent disabilities.
- Public Service Forgiveness: Ideal for those working in the non-profit sector.
For more detailed options and eligibility criteria, click here.
Choose the Right Repayment Plan
Consider enrolling in an income-driven repayment plan that adjusts your payments based on your earnings. While this extends the repayment period, there’s a silver lining. If you’re still making payments after 20-25 years, the remaining debt gets dismissed. Dive into repayment plans here.
Pay Extra (If You Can)
If you have any extra funds, it’s always a good idea to pay more than your monthly payment. Your regular monthly payment is just the minimum requirement. Every extra dollar you contribute directly chips away at your principal balance, helping you pay off your loan faster and reducing interest charges.
Still Not Sure Where to Start?
Check out the Federal Student Aid website. Click the statement that applies to you:
Now that you’re armed with these expert strategies, it’s time to tackle student loan debt like a champ. And don’t forget, GNCU members have access to free, personalized debt and budget counseling, so you don’t have to do it alone.