5 Things To Do If You Are Struggling With Student Loan Debt

Student loan debt can be a major burden for many people, especially recent college graduates who are just starting their careers. If you are struggling your own student loan payments, it can start to feel overwhelming and stressful. But don't worry, there are steps you can take to manage your debt and improve your financial situation. In fact, here are five things you can start doing today if you are struggling with your student loans. Additionally, we'll touch upon financial solutions, including the potential benefits of a payday loan, to provide relief during challenging times.

What To Do If You Are Struggling With Student Loan Debt

1. Understand Your Loans 

The first step to managing your student loan debt is to understand what you owe. Make a list of all your loans, including the lender, balance, interest rate, and monthly payment. This will help you see the big picture of your debt and prioritize which loans to pay off first. Also, make sure you understand the terms of your loans, such as the repayment period and any deferment or forbearance options you may have.

For example, if you have $30,000 in student loans, you might owe $300 per month at a 6% interest rate. By understanding the terms of your loans, you can see that you'll be making payments for 10 years until your loans are paid off completely. With this information, you can create a budget that includes your monthly payments and adjust your spending to make sure you can afford them comfortably.

2. Create A Budget

Creating a budget is essential to managing any type of debt, including student loan debt. Start by tracking your income and expenses to see where your money is going. Then, make a budget that includes all your monthly payments, including your student loan payments. Look for where you can cut back, such as eating out or entertainment, and redirect that money towards paying off your loan debt. Here's an example budget:

• Budget Categories
• Rent
• Utilities
• Food
• Transportation
• Entertainment
• Student Loan Payment
• Budget Pricing
• $1,200
• $100
• $300
• $150
• $50
• $300
• Total Budget:
• $2,100

3. Consider Refinancing Or Consolidating Your Loans

If you have multiple student loans with high-interest rates, consider refinancing or consolidating them into one loan with a lower interest rate. Doing this can help you save money on interest and can help make your monthly payments more manageable. However, be aware that refinancing or consolidating your student loans may come with some drawbacks, such as losing certain borrower benefits you had or extending your repayment period.

For instance, if you owe $30,000 in student loans with a 6% interest rate and a 10-year repayment period, your monthly payment would be approximately $333. However, if you were able to refinance your loans and get a lower interest rate of 4%, your monthly payment would decrease to $304. Over the course of your repayment period, this would actually add up to savings of over $3,000 in interest payments.

4. Explore Your Repayment Options

There are several repayment options available for federal student loans, such as income-driven repayment plans, which can help lower your monthly payments based on your income. You can also apply for deferment or forbearance if you are experiencing financial hardship. Private student loans may have fewer repayment options, but it's still worth contacting your lender to see if they offer any assistance programs for student loan debt.

5. Apply For A Payday Loan With Texas Title And Payday Loan Services, Inc.

Even while you are struggling with your student loan debt, you could also find yourself dealing with another financial emergency. When that happens, you can apply for a payday loan to help you out. We here at Texas Title and Payday Loan Services, Inc. offer payday loans to people who are waiting for their next paycheck to come in but are in financial need. Unlike traditional bank loans, the payday loan process isn't stressful.

In fact, you can get through the whole in-person process in as little as 30 minutes. And if you are approved, you could get up to $1,200. To apply for a payday loan, you can either call 1-800-227-4707 or fill out the quick online request form and one of the representatives will call you to set up a meeting for you to come in to assess your items. We only ask you bring your ID, most recent pay stub, and a blank check from a checking account in your name so we can determine if you qualify for approval.

Get A Handle On Your Student Loans Now

As you can see, managing student loan debt can be challenging, but not impossible. By taking the time to understand your loans and doing the other four steps in this list, you can take control of your debt and improve your financial situation. Remember, the key is to stay proactive and make a plan that works for you. And if you think a payday loan can help when it becomes a real emergency, feel free to submit your online quick form on our website right now.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.