How to Tackle Your Student Loan Debt In 2024
If you are like many Americans with student loan debt, you want to eliminate as much of it as you can in 2024 so you can have as little debt as possible. Even though there are ongoing changes with student debt relief, currently there are several ways you can use government programs, debt consolidation, and smart financial strategies to help get out of student loan debt—no matter what your situation is.
Continue reading to learn the latest status updates and information about how to apply for student loan debt relief, and ways you can make 2024 the year you save more.
What’s The Latest News on Student Loan Debt Relief?
In June 2023, the Supreme Court blocked a plan created under the current administration for widespread debt relief. While this was unwelcome news for borrowers like you hoping to receive debt relief, the Biden Administration has been working on additional ways to provide relief to borrowers through already existing programs.
While student loan interest has officially resumed and payments are now due again, there are some options that have been put in place to ease you back into repayments of your loan. Pell Grant recipients may be eligible for assistance depending on your yearly income. People employed by nonprofits, the military or the government may also be eligible for additional debt relief assistance through the Public Service Loan Forgiveness (PSLF) program.
The Saving on a Valuable Education plan (SAVE) is also a newer repayment plan option that is described as the most affordable repayment plan ever. This plan calculates your monthly student loan payments based on your salary and family size. If you sign up on this plan, your loan balance could be automatically forgiven after 20 to 25 years of payments, depending on the type of loan you have.
The newest forgiveness plan will also benefit those who signed up for this payment plan, so make sure you are signed up!
To quickly learn about current Federal loan forgiveness programs, visit this link on the Department of Education website. And to keep up with the latest updates and FAQ’s about Federal student loan debt relief programs you may qualify for, keep this link to the Department of Education handy.
Understanding Your Options, Your Student Loans and Your Repayment Plans
When you first sign up for student loans, it can be easy to hurry through the application process without completely understanding the debt you will be taking on. Be sure to speak with your financial aid advisor before signing up for any loans. Getting their professional feedback can be your first step in understanding how these loans will affect you and what your future will look like after your debt is due.
Also, before you take out student loans, look for aid and scholarship opportunities. You may qualify for government grants or programs that could reduce the cost of your tuition, depending on your income, type of career you pursue, and other factors. There may also be scholarships available that you would be a perfect candidate for. Be sure to discuss these potential opportunities before you commit to a loan.
How Can I Consolidate Debt
If you have multiple student loans and high-interest debt, it may be time to think about debt consolidation. There are many options for lenders who specialize in consolidating private student debt. Lenders usually consider your current financial picture when determining your interest rate.
How to Be Financially Smart In College
Knowing that you may naturally have student loan debt as you leave college, it’s important to start learning to be financially smart now…before you have to start repayment on loans. It’s natural that during college personal and student loan debt starts to build up. However, it’s never too early to learn how to be smarter about your finances and debt.
- Create a budget. Many college students have a “spend it now and worry later” mentality. While some debt may be necessary as an investment in the future, when you create a budget and monitor your spending, you will start to accumulate less debt and find ways to save.
- Limit credit card expenses. If you can, just have one credit card and be smart with it. Having a history of responsible credit card use is important in building a good credit score.
- Learn to cook and make practical purchases. We will be blunt: learning to cook your own meals at home can save you hundreds of dollars a month. Instead of spending four dollars a day on coffee at the local coffee shop, buy a bag of their beans and brew your own at home! Little moves like this can help you continue enjoying the things you love without putting a strain on your finances.
Get Financial Help from LendNation
If you need cash, fast, it may be time to talk to LendNation. We can help you understand which loan options are available to you and help you complete the application process as quickly as possible. Once approved, you can receive your cash instantly.