Paying Back Student Loans | CashCourse


So, you’ve had to take out loans to get through
school. A lot of us have, and all I can say is if it weren’t for loans, I wouldn’t be
here. The time is soon coming when I’ll have to be paying them back. I’ve looked into it,
and I’ve discovered that there are six options I can choose from. With some of these options, you pay a fixed
amount every month. Other options allow your monthly payments to increase as your income
does. Visit the financial aid office for more information. It’s possible to have your student load
debt deferred due to situations like unemployment, military service, or returning to school. You may also be eligible to have them cancelled
for example if you become a teacher, a firefighter, or work in the public sector. Just go to www.studentaid.ed.gov
and look for “public service loan forgiveness” to learn more. Hey, things happen in life, as we all know.
And if you find yourself unable to make your payments, don’t let it slide. Contact your
loan provider immediately. There are a lot of options available to you when you need
a little relief. Here’s a list: They may be able to temporarily reduce or
suspend payments, or allow you to make payments based on your income. Talk to your loan provider
to find other options available to you. Everyone knows that if you borrow money, you’re
supposed to pay it back. But defaulting on student loan obligations could have some very
painful consequences, such as: incurring damage to your credit score,
having to deal with a collection agency, being forced to pay a percentage of your income,
having your Social Security benefits withheld, becoming ineligible for future federal loans,
and/or losing deferment options. So if you’ve got student loans, make them
a priority in your life after school. For further information, check out the calculators
here on the site, contact your financial aid office, or visit www.studentaid.ed.gov.

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