How to Eliminate Student Loans
Are you a millennial who has a stable job now in a corporate company. You want to be able to do some travelling as a way to destress you but your financial situation won’t allow you to. Maybe you want a nicer place to stay but also cannot afford it. You are held back financially because of your student debt. You feel burdened as you think about the years that it will take you to finish paying it off. You wonder about the life you will have if you didn’t have. Well thankfully you can do something about it. 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 plan is based on the income of the debtor. 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. But of course you can choose the income-based payment plan if you can afford it.
The second thing that you can do is to look into alternatives in paying off the debt. One thing that you can do is to consolidate your debts. For you to be able to do this you can make a combination of your debt and sell it to a third party. Then it is the third party to whom you will pay the debt. This can be less expensive than making different debt payments. You can also look at the option of applying for debt forgiveness. An example of this would be the Navient student loan forgiveness that was offered. The people who want to get this will be screened according to their income and their public service. Those who are also disabled can become qualified in the 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. What you need to do is to research about the process of application to it. You will find information on application for Navient student loan forgiveness online. You may also ask your employer if they can help you out with your loan by making deductions on it in your salary.
Another thing to do is to have the discipline to use any extra money to pay one’s debt. The most important thing is to see if you can qualify for Navient student loan forgiveness.
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