Paying Off your Student Loans

Going to college is an expensive experience. Although rewarding, many individuals find themselves in substantial debt after graduating from a four year college. In this economic down turn we are facing, finding a job after graduation can be a difficult experience. As such, paying off student loans can be a difficult task with no job and interest beginning to accrue.

While in school, it can be easy to forget or ignore the total amount of student loan debt you have. That figure is a far off number that you will have to worry about at a later time. However, after graduating, these loans will quickly catch up to you. So after graduation, here are a few steps you can take to help pay off your student loans:

  • Figure out exactly how much you owe and who you owe it to. Talk to your lender for this information and get all information regarding how long your grace period is and when your grace period begins. Usually, grace periods begin after graduation, but each lender is different. Also, inquire about the interest rate on each loan you have taken out.

  • Subsidized or Unsubsidized? Figure out if your loan is subsidized or not. Subsidized means that the government will pay for your loan while you are in school and for the following grace period. Unsubsidized means that interest accrues while you are in school and will be your responsibility to pay off after graduation.

  • Apply for Income Basement Payments which signify that you can make payments that comprise only 15% of your income.

 

Contact Us

Debt of any kind can be frightening, but fortunately, there is help available. If you are struggling financially, call the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC We can help you assess your situation and determine the best course of action. To learn more, contact our offices today by dialing (205) 324-4000.

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