Ways to Eliminate Student Debt
Are you a millennial who has a stable job now in a corporate company. You dream of going to another country during one of your vacation leave but that is too expensive for you. Maybe you want a nicer place to stay but also cannot afford it. Your student loans are the main culprit for your limiting financial situation now. Just thinking about how many more years you will spend paying for it is making you nauseous. You feel that if only you don’t have it you will be able to so much more in life. Well thankfully you can do something about it. You can do something about your loan so you can have more financial freedom. You can read in this article some ways on how you can acheive that.
One thing that you can do is to have a look at the repayment plan that will fit you. There are basically two kinds of plans. The first one is based on the income of the individual. The second is based on a flat monthly rate. You may think that the monthly rate is affordable for you now but when you do your computations this may prove to be false. But of course you can choose the income-based payment plan if you can afford it.
The second thing that you can do is to look into alternatives in paying off the debt. One thing that you can do is to consolidate your debts. For you to be able to do this you can make a combination of your debt and sell it to a third party. Then it is the third party to whom you will pay the debt. This may save you money as compared to having different debt payments to make each month. Another alternative would be to seek for debt forgiveness from a company. This is what Navient student loan forgiveness does. The people who want to get this will be screened according to their income and their public service. Those who are also disabled can become qualified in the Navient student loan forgiveness. When you submit your applications to them their team will review if you qualify for the Navient student loan forgiveness. What you need to do is to research about the process of application to it. You will find information on application for Navient student loan forgiveness online. Another alternative would to ask your employer if they can shoulder part of your student loan and deduct it from your salary.
Another thing to do is to have the discipline to use any extra money to pay one’s debt. But before doing so check if you are eligible for Navient student loan forgiveness.