4 Ways to Get Your Student Loan Settled

If you’ve been struggling to find work and make payments on your student loans, you may have considered filing for bankruptcy or other options to get your debt paid off fast. These might be tempting options, but there are also other methods to get your student loans settled.

These methods can help you save money in the long run and protect your credit score. The following are four of the best ways to get your student loan debt settled quickly and with less stress than you might think. 

  1. Refinance Your Student Loans

Refinancing your student loans is a great way to take control of your debt and get it settled fast. You can do this by using a private lender or by consolidating your federal loans with the Federal Direct Consolidation Loan Program. 

Both options have their pros and cons, so you should compare them before deciding which option is best for you. Before refinancing your loans, make sure that the interest rates are lower than what you are currently paying so that you won’t have to keep putting money into your loan while it’s being refinanced. 

  1. Consolidate Your Student Loans

Consolidating your student loans can be a great way to get them settled fast. If you have federal and private student loans, you may be able to combine them in order to get a lower interest rate. This will also help you organize your monthly payments by having one bill for everything. 

Moreover, if you have federal student loans and make the minimum monthly payment, it could take up to two decades before they are paid off. 

  1. Negotiate a Lower Student Loan Payment

You may be able to negotiate a lower student loan payment by asking your lender for an alternative repayment plan. The best way to do this is to take help from a student loans settlement attorney. They will represent your case in court and negotiate with the lender to lower the amount. 

Another way to do this is with a letter, which you’ll want to address directly and personally. You can look up your lender’s contact information on the company’s website or phone book. 

Be sure to include all of your relevant account information and explain that you would like an alternative repayment plan that better fits your personal financial situation. 

  1. Consider Bankruptcy

If you are finding it hard to pay back your student loans, bankruptcy might be the best option for you. Bankruptcy is a process that will allow you to discharge and get rid of your unsecured debts, including your student loan debt. 

It’s important to note that bankruptcy won’t have any impact on your secured debts like mortgages or car payments. It will affect only unsecured debts. However, bankruptcy can take months or even years to complete and requires a lot of paperwork. 

But if you take help from bankruptcy lawyers, you can make the process easier for yourself and your family. Bankruptcy lawyers will help you get loan forgiveness, and you won’t have to pay even a single dime.