Surprising Ways to Pay Off Your Student Loans

Posted: 14th December 2015 14:42

When you step into college, perhaps clearing the first semester is not the only thought you have at the back of your mind. After all, you need to pay off the student loan as well. At times, even after taking that hefty loan, you end up with a job that didn’t even need a college degree. And, this makes it very difficult for you to repay your college loan. However, there is no need to be scared. If you are really serious about learning the ways of paying off your student loans, then make sure you are going through these unique tips.

Take help of these creative ways to pay off your student loans fast

Are you considering the monthly repayment plans to get rid of your seemingly insurmountable student loans? Perhaps not—simply because you are not aware of what it is. Let us tell you that income repayment plans are one of the most popular options selected by borrowers looking forward to pay off their student loans. However, many of the undergraduates themselves are not aware of this particular facility. Here is more about them.

The Department of Education is responsible for creating these debt programs to aid borrowers manage their student loans effectively. The monthly payments have been reduced. Now it is your monthly earning which determines your monthly payments. There are some people who might as well earn as low as $20 a month. People who are below the poverty line might as well end up enjoying serious benefits here. Their debts will be marked paid and they can get their loan forgiven within 20 to 25 years as well. However, if you have signed up for this particular program then you would be required to submit your annual income proof every year so that it can actually be recalculated for continuity considerations.

Debt Settlement services

You can apply for a debt settlement program in order to get rid of your student loan. The companies offering debt settlement services actually negotiate with your creditors to help you settle for debts worth significantly less than what you owe. However, you have to qualify for the program at first. The debt specialists of the company will study your financial situation and determine whether at all you are eligible for the program or not. You need to have a real financial hardship in order to get approved for the loan. There are several debt settlement service providers in the market. However, you should be prudent enough to investigate the background of the companies thoroughly before approaching them. You should ideally be selecting companies that have received an A+ rating from the Better Business Bureau and have a long proven track record of settling debts. You should find out about more such details before getting ahead.

Educate yourself about the special programs

The National Health Service Corps is a U.S Department of Health & Human Services Program. It offers primary dental, medical and mental health clinicians up to $50,000 to repay their student loans – but only if they agree to work with NHSC for two years.