Whether you are a parent helping your student make decisions about student loan debt, a college student who already has debt or a graduate who is trying to figure out how to manage your debt, we have tools to help you out.  You can start with the Parents’ Guide to Borrowing Better for information designed to help parents figure out how federal student loans work.  If you need more in depth help, check out my Student Loan Debt 101 Webinar that dives deep into everything from deferment vs. forbearance to forgiveness and income driven repayment plans.  Whatever your student loan questions are, we can help you figure out your options and begin getting out from under your student loan debt for good!

 

 

How do student loans work?

When it comes to student loans, there are a lot of moving parts involved from understanding the award letter to learning how to pay off your debt.  Student loan debt can be a great investment if you know how to manage it BEFORE you sign on the dotted line.  There are two kinds of loans you can get to pay for college, private and federal student loans.  Here at newcashview.com, we focus on federal student loans because they come with benefits that private student loans do not, including subsidisation if you qualify, forgiveness programs and income driven repayment plans.  While there are pros and cons for both kinds of loans, the benefits of federal student loans tend to outweigh private loans.  To learn more about student loan debt, check out my Student Loan Debt 101 Webinar.

How student loan forgiveness works

A benefit of federal student loans is the potential for student loan forgiveness.  There are two types of forgiveness for federal student loans, the first is forgiveness that you get when you complete an income driven repayment drive.  The second type does not require enrollment in an income driven repayment plan.  There are two programs that fall into this category, Public Service Loan Forgiveness or Teacher Loan Forgiveness.   You have to qualify for either type of forgiveness program.  If you need more help understanding what forgiveness program you might qualify for, check out my Student Loan Debt 101 Webinar.

How to manage student loan debt

If you educate yourself, you can save yourself thousands of dollars by carefully managing your student loan debt.  First, you need to decide whether to consolidate or apply for an income driven repayment plan.  Second, decide on your monthly budget and stick to it.  The key to paying off your student loan debt in the fastest, cheapest way is by carefully managing your servicers and understanding that there is no penalty for early repayment.  To learn more about paying off your student loan debt, check out my Student Loan Debt 101 Webinar.