6 Tips for Managing Student Loan Debt

March 11, 2021 | Peyton Sawyer

managing student loan debt

Think about managing student loan debt can cause an undue amount of stress. However, it doesn't have to be this way. Take a look at some ways to manage student loan debt.

Learn How To Improve At Managing Student Loan Debt

1. Figure Out How Much You Owe

First things first, you need to know how much you owe in total. Generally speaking, you'll have a bunch of loans — federal and private — so adding them up is a good way to start.

It's then important to understand the terms of your loans, as well as any grace periods. Once you have all the details, you can move on to the second step.

2. Think About Consolidation

Consolidation can be a saving grace. The biggest advantage to this is that you can typically lower your monthly repayment amount. This makes it far more manageable in the short term. Additionally, consolidation can present opportunities to extend your payoff period. To tell you the truth this is positive and negative.

On one hand, you have more time to pay off your debt, but on the other, you'll have to pay more interest.

3. Set Up Automatic Payments

Depending on the lender, you can get reduced interest rates if you sign up for automatic repayments. This is one of the best ways to go about managing student loan debt as you can set it and forget it.

Although, it's worth mentioning that it may only be a 0.25% reduction. But every little helps!

4. Consider Alternative Repayment Plans

For those of you with a federal student loan, you might be able to wrangle a different repayment plan. These alternative schemes come in many forms, including:

  • Extended Repayment — This helps you get a lower monthly repayment figure because it will significantly extend your term.
  • Graduated Repayment— This increases your monthly repayments every two years over the ten-year term. This lets you pay it off slowly at the beginning but as your salary increases, so will your repayments.
  • Pay as You Earn— This places a cap at 10% of your monthly income over 20 years. You'll only be accepted on this one if you're going through financial difficulties.

5. Defer Your Payments

For those of you who aren't employed and are poorly managing student loan debt, your lender might allow you to defer your payments. If you're approved for this scheme, the government will pay your interest for the deference period.

However, for those who don't qualify, you could ask for forbearance. This stops you from paying the loan back for a pre-determined time. Although, it's worth noting that you will have to any interest during this period when you restart payments.

6. Discover Loan Forgiveness

Our final tip for managing student loan debt is to apply for forgiveness, discharge, or cancelation. You'll be eligible in these circumstances:

  • School closed before finishing your degree
  • Paying off the loan will result in bankruptcy
  • You've become permanently disabled

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What If Emergencies Happen? Try A Title Loan

Unfortunately, emergencies are bound to happen. Whether you need to fix the leak in your roof, pay for urgent travel, or fund unexpected medical bills, life does like to through us curveballs once in a while.

If you're new to money management and are only now getting your student loan debt under control, you might not have the funds to cope with unforeseen circumstances. This is where a title loan from us comes into play.

The process is quick and easy. But, the best part is that we won't judge your application based solely on your credit score! Even if you don't have a score at all, we're more than happy to help you in your time of need.

What Is A Utah Title Loan?

A title loan is a short-term financial aid that lets you borrow a lump sum of money depending on the value of your car. With car title loans from Utah Title Loans, you can borrow anywhere between $300 and $15,000 to fund your emergency.

How to Obtain An Online Title Loan

    1. Navigate to UtahTitleLoansInc.com.
    2. Fill in the application form. It's short so it should only take 5 minutes.
    3. Wait for a loan expert to give you a call. They will tell you about the rest of the process and allow you to choose a title loan location to meet. Now is also a good time to ask any questions.
    4. Head to the specified location with your driver's license, line-free vehicle title, and your vehicle.
    5. Wait while the loan specialist inspects your vehicle and your paperwork.
    6. If they approve, you'll receive your money on the same day!

Get a Utah Title Loan for Emergencies

Dealing with student loan debt isn't difficult, as long as you follow our six tips above. But if it ever does get too much, remember that our title loans are here for you. Don't be afraid to get in touch.

Follow our six tips for the best outcome for managing student loan debt! Don’t wait until your in a pinch, get the help that we can offer at Utah Title Loans Inc.