Get Student Loan Debt Help

by Gary Foreman, Editor of The Dollar

You've all seen the stats. Student loan debt in the U.S. totals over $1.2 trillion! Over 7 million loans are in default! So if you're struggling to make your student loan payments or falling behind you have lots of company.

But, that's small comfort when you consider the costs of falling behind in your student loan payments:

  • Additional costs
  • Collection calls and letters
  • Damage to your credit rating
  • Demands for immediate payment in full
  • You may be sued
  • You lose deferment or forbearance options
  • Garnishing your wages or tax refund
  • Severe consequences of default

So you want to get out from under difficult student loan payments. But how to do it?

Try to work out an arrangement with the lender. Contact your lender or servicer, the organization to which you're supposed to make your payments. Explain your situation and ask what they can do to help. If you don't know who your servicer is, use the National Student Loan Data System website to get the information.

Be careful. They may offer to extend the time frame or put your loan in 'forbearance'. Both options will increase the total amount of interest that you'll pay. Find out how the amount you owe will be affected by either choice before you make any changes. You don't want to make a bad situation worse.

Much as we love do-it-yourself projects, sometimes it's wise to call in a professional. We have working arrangements with three organizations that we know and trust.

The first is Student Loan When you contact them you'll be interviewed by someone trained in helping you reduce your student loan burden. Although the organization is young, we've known and worked with the people responsible for it for over 15 years.

The second organization is similar. They've been helping people with debt problems for over 20 years. There's no risk and no charge to talk with them. You can fill out the form below or use the toll-free number 1-866-359-7455. A trained conselor will review your information and discuss the best possible method of reducing the student loan burden.

Lastly, you might be in a position to refinance your student loans. Use this calculator to see how much you could potentially save and then click the Learn More Today button to get a list of lenders from Lending Tree. This list will provide loan amount ranges, interest rate ranges and credit score ranges for each lender so you can easily see who you might want to contact.

If you're really not sure where to start, send us an email describing your situation. Tell us the important elements and we'll try to point you in the right direction.

Take Action Now:

  • Defaulting on student loans can destory your credit score and finances both now and far into the future. If you are struggling, I urge you to seek help now.
  • Understand what the future may have in store for you if you decide not to do anything about your debt.

If you have other types of debt in addition to student loan debt, you likely need a debt payoff plan that addresses all of your debt. It can often save you more money than addressing debts individually. The TDS ebook How to Conquer Debt No Matter How Much You Have can help you.

We will walk you through the creation of your own personalized debt payoff plan tailored to your debt burden, budget and lifestyle. You can read more about it here.

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