Are you stressed out about the amount of student loans you owe? Do you feel you cannot do anything about it and you’re on the verge of filing for bankruptcy? Well.. Don’t! At least, not yet. You must look at all the choices before your last option, bankruptcy. These following tips will help you avoid bankruptcy. There are many ways you can organize your student loans, and one of them is automatic paying. This way you won’t miss the payment deadline, once you connect the student loans payment to your bank, you’ll be on a stress-free path. Did you know that when you choose to do monthly auto-pay, there will be a minimum reduction on your student loans? If you didn’t, then now you know! Cool, right?
Another way you could avoid bankruptcy from student loans is by changing the payment date for all your loans. Sometimes loans might be all over the place, it could become very confusing which is why it is best to talk about the possibility of changing the dates. It is important to organize your students loans in a way of putting them all together and trying to pay the whole amount instead of monthly payments. You can combine together the Federal student loans you owe, as well as the Private student loans you owe. You can’t combine the Federal and Private loans together since you will get different interest rates for both of these.
If you’re on the verge of bankruptcy and these organizing tips are showing up a little bit too late in your life, then these student loans solutions might help you. There is student loan deferment which allows the debt you owe to stop for a period of time, and without interest rate increasing. However, you must qualify in order to apply for a deferment, you must show proof that you are unemployed, going back to school, looking for a job, etc. If you are told that this is not an option for you then start looking for a loan forbearance. Unlike the loan deferment, the interest rate will go increase even though you’re getting a break from paying loans.
Call today for more information on student loan solutions and how you can avoid bankruptcy!