Some Options on Student Loan Repayment

There are some ways out of being stuck with a massive student loan bill each month. Even though it might seem like there are no good options out there, the fact of the matter is that you do have some choices that can help. If you’re stuck and aren’t sure what to do with those loans, here are some options that may work for you.

  1. Refinance your loan with better terms. There are actually some startups out there that will help you refinance your loans. Startups like Ernest and CommonBond exist solely for this purpose. One caveat: you do have to have good credit (or decent credit) in order to go this route. But, it’s worth a try, right?
  2. Call your lender and ask for some kind of help. You may have gotten an email or two from a lender telling you to call them, or maybe your phone is ringing off the hook. Either way, it benefits you to pick up the phone and make an arrangement - as intimidating as that might sound (and we get it, it is hard to make this call!).
  3. It might be possible to modify your loan or lower payments through some banks.
  4. Sometimes, a personal line of credit can be less expensive to pay back than a loan. If you can get a line of credit, look at the interest rate. If you can pay back your loan with that money, you may be better off going this route.
  5. If you have already defaulted and are looking at a lifetime of bad credit, you can still get help. The Dellutri Law Group may be able to assist you in getting out of debt. We have a few tricks up our sleeve to assist students to manage their debts and create a plan to get rid of your loans for good. Call us for a free case evaluation - we can really help.