Free Case Evaluation

 
 
X Close
Phone Call Us 414-326-9231
608-260-7133
Toll Free 866-678-9352
Text Us 414-277-7742
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

Steps to take to deal with student loan debt

If you are a recent college grad and are stressed out over the amount of student loans you owe, you are not alone. Because student loan debt is such a hot topic right now, there are plenty of experts out there willing to offer up advice on how to deal with your debt.

Recently, Reuters highlighted several effective ways in which recent college grads can turn their anxiety over student loans into action. With the six-month grace period soon to expire for 2014 grads, now is the time to get a plan in place. 

Step 1: Figure out what you owe. Make a detailed list of each loan you have, whether it is federal or private, the servicer, the amount you owe and the date the first payment is due.

Step 2: Make sure your contact information is up to date. If your lender cannot get in touch with you because you have changed your phone number or email address, you could miss important alerts about your loans.

Sept 3: Figure out the best repayment option for you. There are several repayment plan options available, including income-based repayment plans, which can keep your loan payments manageable.

Step 4: Consider loan consolidation. Consolidating your loans into one loan can be an easy way to reduce interest rates and allow you to work with one loan servicer instead of several.

Step 5: Ask for help if needed. If you are overwhelmed with your student loan debt, don’t be afraid to ask for help. Loan servicers are often willing to assist, but if that doesn’t work, the Federal Student Aid Ombudsman can help with federal loans.

Remember that student loans are treated like other forms of debt and missing a payment -- even the first one -- can hurt your credit score. However, most loan servicers don’t report delinquencies until payments are more than 90 days overdue.

Source: Reuters, “6 Ways for New Grads to Tackle Their Student Loans,” Liz Weston, Oct. 27, 2014

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Free Case Evaluation

* indicates required field

 
 

Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
Fax: 414-277-1303
Milwaukee Law Office Map

Kenosha Office
6123 Green Bay Road
Suite 210
Kenosha, WI 53142

Phone: 262-326-1669
Kenosha Law Office Map

Brookfield Office
200 S. Executive Drive
Suite 101
Brookfield, WI 53005

Phone: 262-261-0665
Brookfield Law Office Map

Madison Office
2810 Crossroads Drive
Suite 4001
Madison, WI 53718

Phone: 608-260-7133
Madison Law Office Map