Ways to Eliminate Student Debt
Are you someone who has acquired a job that is stable already. You want to be able to go an international travel but you cannot afford to do so. Or maybe you want to rent out a nicer apartment but you can’t afford it. What is stopping you is your student loan. Just thinking about how many more years you will spend paying for it is making you nauseous. You think about the money that you can have now if it were not for payments for these loans. Well you need not despair. You can do something about your loan so you can have more financial freedom. Read on for some advice on how to do that.
The first thing that you need to do is to look for the repayment plan that suits you. There are two kinds of payment plans. The first is the one that is based on the individual’s income. The next one is composed of a flat monthly rate. At first glance one may automatically think that the flat rate is the best option but that is not the case if you make computation. 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 such alternative is the consolidation of debt. In this regard you combine all your debts together and have a third party buy them. You will then be left to have just one payment to this third party. This may save you money as compared to having different debt payments to make each month. Another thing that you can do is to look for debt forgiveness. This is what Navient student loan forgiveness does. The people who want to apply for this are checked for their income and if they do public service. The disabled can also apply for 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. You can look for the steps that you need to take and documents you need to submit for this. Information about applying for Navient student loan forgiveness are available online in their website. If your application is rejected then you can check with your employer if they can shoulder part of the loan.
Be sure also that any extra money that you may earn or get will go to paying of your debt. But before doing so check if you are eligible for Navient student loan forgiveness.
Citation: Finding Ways To Keep Up With Tips