Description:The article gives an advice on how to manage a student loan. It is helpful information which is provided by Great Lakes Loan. The article gives four tips to deal with your students loan payment. It is a great help for someone who has students loan.
What should you do if you can’t repay your student loans? College graduates are heading for the perfect storm, because most of the jobs available are low paying. Approximately 66 percent of students have an average debt of twenty-one thousand nine hundred dollars in the United States. What do you do when you graduate? Have all these loans you owe the government or lenders money, and you don’t have a job.
Tip number one, first sort through your loans and figure out which ones are federal loans subsidized and unsubsidized, and which ones are private loans, because they have different payment relief options.
Tip number two, call your lender before missing any payments. You don’t want to starts kipping payments, because if you do, you are going to lose payment relief options inform them that you’re unable to make payments, because you have no income. Find out what payment relief options are available.
Tip number three, consider deferment as a short-term option where you don’t need to pay the loan for up to six months to a year until you find a job. You can defer payments for up to three years for federal loans. However, the interest does accrue for these loans. Hence this is a short-term solution to get you on your feet.
Tip number four, consider income based repayment or IBR. This is where you can restructure your payments on your existing loans based on your income. Your payment only has to be 15% of your discretionary income, that’s your income that exceeds the poverty line.
If you don’t have any income for a while, your payments will be zero. If you have very little income, your payments will be very small. For more information, visit Great Lakes loan info com. That’s Great Lakes loan information com.