Money Matters: Paying your student loan debt

More than likely you have student loans and if you do then you know that paying them back can be tough on top of other bill each month.

The good news is a there are a number of program available to help you.

According to Kristin Bastian, Financial education director at Origin SC, the last thing you want to do is ignore the bills.

“You need to stay in contact with the student loan servicer.” said Bastian.

They will be able to help you navigate plans that work best for you.

If you are unable to pay Bastian said “ask for deferment, forbearance, or an income driven repayment plan which can go to payments to as low as zero dollars.

She also said to not max out on your loans, use them only for education purposes, and if you have to borrow money then choose federal loans.

“Private loans don’t have the friendly repayment options that federal student loans do.” Bastian said.

More details and information on the number of plans can be found online studentaid.ed.gov.

Student loan debt is adding up fast in the United States and is showing no sign of slowing down.

In fact, according to the studentloanhero.com, Americans owe more than $1.2 trillion dollars in student loans. That is up six percent from last year.

Here is StudentLoanHeros’ guide to paying off student loans:

  • Make more than the minimum payment
  • Consolidate and refinance
  • Take a job that offers forgiveness
  • Apply your raises
  • Trim your budget

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