Hardship Recovery

Do This To Hit Your Student Loan Debt Head-On In 2020

Are you tired of having loads of student loan debt hovering over your head? Follow these steps so you can start tackling it in 2020.

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at’s the one thing that’s harder than getting a job straight out of college? Paying off student loan debt when you can barely make ends meet.

Even if your income isn’t where you want it to be, you can still start minimizing that college debt so you can start saving for your first home and other financial goals.

The key is organization, and the following steps will help you achieve just that.

How to Start Lowering Your Student Loan Debt in 2020

1. Get a clearer picture of where you stand.

Do you have a ballpark figure of how much you owe? Do you know that you have multiple loans, but barely know the creditors’ names? If so, you need to take the first step towards tackling student loan debt, which is to create a spreadsheet.

In the spreadsheet, you want to include every detail of your outstanding loans to see precisely where you stand. Include how much is owed, what the interest rates are, the monthly due dates, and the contact information for each loan servicer.

Do you have any loans that are in forbearance or deferment? Note that in the spreadsheet as well, plus any repayment dates.

A little time spent entering data could save you a considerable headache from missing payments. And by seeing what you owe and when it must be paid, you can create an attack plan that makes sense.

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2. Set up automatic payments.

Auto-pay can keep you from putting off your student loan payments if you get the urge to spend on something else. They can also help if you happen to forget about a payment, which could negatively affect your credit.

What happens if you forget too many payments? Your student loan could go into default. If that happens, the government can start dipping into your paycheck or tax refund until its federal loans are fully paid.

Want another reason to set up auto-pay? It could save you money, as some student loan servicers will offer interest rate reductions if automatic payments are enabled.

3. Ensure your repayment plan suits your needs.

If you’re still searching for a job or aren’t making enough income, it may be time to consider restructuring your repayment plan.

Don’t be shy when it comes to reviewing your repayment options. A simple call to your student loan servicer could open your eyes as to what’s out there.

When speaking to your servicer, tell them every detail about your current financial situation. If you’re having trouble keeping up with payments, let them know so they can steer you in the right direction.

In the end, the servicer wants to ensure you can pay back the loan. To make this happen, they will likely be willing to work with you until both parties are happy.

If you have several student loans, give consolidation a look. It can simplify repayment and allow you to keep a bit more in your pocket, although you may be paying for a bit longer.

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