Student loan relief was nice while it lasted, but now, payments are back. That means that a total of $1.63 trillion in debt will need to be repaid by 43.4 million Americans.
And, perhaps surprisingly, it’s not just young people. Take a look at how student loan debt affects everyone from Baby Boomer retirees to Gen Z’ers still making their way through college.
Whether you’re paying off your own student debt or helping a family member or partner pay off theirs, you have options. While adding another monthly expense to your budget isn’t ideal, there are actually several ways in which you can alleviate your student loan stress.
For one, if you’re a teacher, nurse, government or nonprofit employee, or your school has closed (to name a few examples), you may already qualify for partial or full loan forgiveness.
Even if the loans aren’t forgive, you, or the person in debt, may still have the opportunity to switch to an income-driven repayment plan — which, if approved, can sometimes result in no payment at all.
But tackling student loan debt on your own can be a challenge, especially if you’re feeling bogged down by all the details.
We are here to help you or your loved one tackle several tasks, for example:
- Building loan payments into a budget.
- Refinancing loans for better rates.
- Finding loan forgiveness programs.
- Big-picture financial planning.
To start, let’s talk about how we can design the perfect loan repayment schedule that suits your unique needs. Schedule a consultation with our team of financial advisors using the link below.
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