The best student loan repayment strategy for you depends a lot on your personal situation. Here are a few strategies to consider:
Deferment or forbearance: If you're unable to make payments, you might qualify for deferment or forbearance. Deferment lets you pause payments on the principal and often the interest. Forbearance lets you pause payments on the principal while interest continues to accrue.
Adjust your payment plan: Contact your loan provider to discuss adjusting your payment plan. This could involve extending the term of your loan to lower monthly payments or switching to an income-driven repayment plan.
Loan forgiveness: Explore federal and state loan forgiveness programs, which may be available if you work in certain public service jobs or meet other criteria.
Extra payments: If possible, make extra payments towards your loan principal to reduce the overall interest you have to pay over time.
Refinance: Consider refinancing your loans to get a lower interest rate. This can reduce the total amount you have to pay over time.
Financial planning: Talk with a financial planning professional. They can help you budget your money and figure out a long-term plan for repaying your loans.
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