Five Smart Steps on Student Debt
Know What You Owe. View your federal loans on the National Student Loan Data System at nslds.ed.gov. This site does not include information on private loans. You should make a list of balance and interest rate details for each one you may have.
Refinance. If you are making your monthly payments, you may be able to reduce your total costs by refinancing through startups like SoFi, CommonBond and Earnest. Citizens Bank and Darien Rowayton Bank also offer refi’s.
Check Out Federal Options. Having trouble making the monthly payment on federal loans? Get details of plans that cap your monthly payment to a percentage of your income at studentaid.ed.gov. Apply for these at studentloans.gov. Use the loan calculators on this site for helpful information.
Jawbone Private Lenders. If you’re having trouble making payments on private student loans, call the loan servicer and ask for relief. Some lenders offer loan modifications or interest rate reductions for struggling borrowers.
Get Legitimate Advice. Still confused? Get more information at cfpb.gov and the National Consumer Law Center’s Student Loan Borrower Assistance Project: studentloanborrowerassistance.org. Both offer information and legal referrals.
Hope this provides some helpful resources and as always, I am happy to answer any questions you have.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Third party entities mentioned are neither affiliated with or endorsed by Financial Freedom Wealth Management Group, LLC and LPL Financial.
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