What Are Alternative Options for Getting a Handle on Student Loan Debt?
These options include:
Consolidation for those who have multiple loan payments. This consolidates all your student loans into one with only one monthly payment and is generally available to those with federal student loans.
Changing Payment Options
Changing your payment options. Different repayment plans are available for those with federal student loans.
These can include:
- Fixed monthly payments
- Graduated payments (these start with a lower amount and increase to a higher amount over time)
- And extended payment options
Deferment of student loan payments
Deferment of student loan payments for up to three years in cases where you are suffering financial hardships such as being unable to find work.
Forbearance of student loan payments
Forbearance of student loan payments that can postpone or reduce what you pay under eligibility requirements as set forth by your lender.
This generally applies only to those with federal student loans working in government agencies or public service.
Turn to Oakes Law Office, PC for Student Loan Debt Solutions
Being financially strapped due to overburdened student loan debt can be an extremely stressful situation. If you and your dependents are suffering economically because of this, you need to explore your options. Our debt relief attorney can provide the legal help you need to find ways to resolve your financial crisis so that you can move forward in life and create a brighter future for yourself and your family.