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Student Loan Debt – 3 Tips To Paying Off Your Student Loans

www.usnews.comStudent Loan Debt – Always Make Your Payments

Because the cost of tuition rises almost every year and the actual costs are astronomical, it is not uncommon to graduate from college with a boat load of debt. But here is a hard and fast rule of life, the burden of paying off your college debt is significantly greater than the burden of the few weeks you spent prepping for finals. Step off that stage and in six months or less; you will be making payments like never before.

If there is one debt that you want to pay, it’s your student loans. You need to do whatever you need to do to make your payments. There is little grace period for those who avoid these payments. And the consequences are brutal.

Student Loans – Be Aware Of The Consequences

As I said the consequences of not paying your student loan can be life-altering and flat brutal. It starts out rather low-key. Miss a payment and you may get a letter; you may get a call. But the light goes on at your lending institution that you have not made a payment. Miss the second payment and you will most assuredly get letters and phone calls.

There’s a very good possibility that your credit score will now take a hit because of your non-payment. If you are three months late on your payment, you can pretty much expect your credit score to drop as much as 100 points. That means that future borrowing will cost you more. That is, a lending institution whether the loan is for a car or house, will charge you a higher interest rate, or even deny you credit if you have a low credit score.

Don’t pay your student loan for nine months and you go into what’s called delinquency. Now your loan becomes due immediately. Not sure where they will get it from, but your hide may be in jeopardy!

If you have federally funded loans (Stafford, Perkins, PLUS), you will likely be reported to the IRS as well as debt collection agencies. You are eligible for wage garnishments, liens against your property and all sorts of other nasty arrangements.

Student Loan Forgiveness – Communicate Your Needs

A pro-active approach is by far, the most preferred approach by the lending institutions. Set up an appointment if you can and meet someone face to face. Tell them about your situation. Let them know you are struggling and that you really want to pay off your debt but can’t. They will guide you through some great options to help you avoid the consequences of non-payment.

If you have a student loan, know these tips:

A- Always Make Your Payment

B- Be Aware Of The Consequences Of Non-Payment

C- Communicate Your Needs To Your Lender

Are you seriously looking for a way to pay your student loan debt? Click I NEED HELP to gain access for free information.

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