Paying back your student loans can feel like a huge burden — one that affects nearly every aspect of your life. But sometimes, it’s more than just an inconvenience. There are bigger issues at play, and you may need help.
Luckily, there are several resources that can offer student loan help. Here are five different optionsstart you can use for different student loan situations.
1. If you’re having trouble making payments…
There may be times when you will have trouble making your payments. If you’re struggling to make payments on your student loans, there’s one place to start for student loan help: your loan servicer.
While you may or may not have the best relationship with your loan servicer, they are your main point of contact when it comes to repaying your loans.
It’s crucial that you contact your loan servicer to discuss various repayment options. You can learn more about deferment or forbearance as well as other options that may offer some student loan help.
If you don’t contact your loan servicer, you may be vulnerable to student loan default, which can wreak havoc on your credit and your financial life.
2. If you’re having trouble with your loan servicer…
Unfortunately, student loan borrowers can’t choose who their loan servicers are. So if you’re having issues with them, you can’t just decide to switch to another servicer (unless you refinance your student loans).
If you’ve tried direct communication with your loan servicer and it’s either not working or you’re not getting a response, there’s a higher power you’ll want to contact.
The Consumer Financial Protection Bureau (CFPB) is an agency that helps empower consumers to take control of their economic lives. The agency was established by Congress to aid consumers and help carry out federal consumer financial laws. If you’re having trouble with your loan servicer, you can submit a complaint to the CFPB here.
The CFPB recently opened a public inquiry on the state of student loan servicers. 30,000 people commented and complained about customer service issues, payment problems, and more. The CFPB works on resolving issues and tracking borrowers’ feedback.
3. If you’re curious about student loan refinancing and other repayment options…
Student loan refinancing can be a great way to reduce your interest rate and save money. If you’re curious about student loan refinancing and other student loan issues, look no further. Student Loan Hero is committed to showing you ways to manage your student loans and make these issues easy to understand.
We’re a proponent of student loan refinancing, but only if it makes sense for you and you’re not gunning to get your loans forgiven. If you’re curious about student loan refinancing, check out the following resources:
- Find out how much you can save through refinancing.
- Compare various refinancing options.
- Know what questions to ask before you refinance.
In addition, if refinancing isn’t right for you, we have comprehensive guides on income-driven plans and student loan forgiveness. Not to brag, but these are some pretty rad resources to help student loan borrowers.
4. If you’re facing default…
Facing default on your student loans can be scary. Luckily, there’s help out there if you find yourself in this situation.
If you’re facing default, look into the resources at Inceptia. According to their website, “Inceptia is a nonprofit organization that partners with schools and loan holders to provide free assistance in understanding information, tools and resources available on student loans.”
They have a team of counselors that can help guide you through various repayment options for your student loans. If you’re facing default, you can contact a trained counselor at 855.471.1615 to discuss the next steps.
5. If you’re looking for community support/help from an expert…
Are you looking for more resources on how to manage your money and pay back your student loans? Are you feeling alone and seeking student loan help from your peers or an expert?
Check out SALT, a nonprofit that was created by American Student Assistance to help borrowers manage their money. You must create an account, which is free and takes 30 seconds or less.
SALT offers various resources to help students and alumni alike with their student loans. Their community is a great place to ask questions and get answers from your peers or an expert.
Once you create an account, go to the “Connect” tab and click under “SALT Community.” Once there, you’ll be able to ask an expert or your peers one of your burning questions about student loans.
You can even browse through current and past discussions to see if your question has already been answered. There’s a wealth of information there to help you make sense of your student loans.
Managing your student loans may be tough at times; you may need a little extra student loan help. Using the above resources, you can get the help you need and get answers to your most pressing questions.
Is there anything we missed? Anything else you need help with?
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|2.62% – 8.69%||Undergrad & Graduate||Visit Citizens|