student loan debtStudent loan debt is a problem facing most Americans, because of their own debts or from trying to support family members who accrued debts in college. With the national student loan debt now above $1 trillion, almost everyone will run into some of the same problems at least once. The following are a few of the common student loan problems and how to fix them:

  • I can’t afford my monthly payments. For most college graduates, finding a job is proving far more difficult than they though it would be, and low paying entry level positions seem to be the only ones available. A couple options for dealing with this problem include deferring loans and choosing income based repayment (IBR). If you are unemployed and unable to get a job, many loans will allow you to defer, at least for a short period of time. If you set up IBR, you can negotiate with your lenders on a reasonable payment that you can make every month based on your individual income situation.
  • I’m losing track of my student loan bills. If you have student loans from more than one lender, it may be possible for you to consolidate them through a debt consolidation program. Before choosing this option, however, make sure that the program you’ve selected is legitimate, as there are several debt consolidation scams out there.
  • I missed a payment. Missing one payment is not a huge or disastrous problem. Contact the lender and pay the money that you owe as soon as possible. Ask if you can work out a different payment schedule or amount to make it easier to make the payment every month.

More information about student loan debt and efforts to reduce it is available through student loan lawyer.

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