Persuasive Essay On Student Loans

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Student loans are the bane of my existence. I graduated with $206k in student loan debt from undergrad and law school, and I’ve spent the last three years repaying my loans and the balance is now at $124k. There have been periods when I felt overwhelmed and didn’t know what to do. I didn’t know how I would be able to make my payments let alone get myself out of debt.

Fortunately, if you can’t make your monthly student loan payments there are options. You can consider five things I’ve listed below if you are having trouble making your student loan payments.

Change Your Repayment Plan

If you have Federal student loans, then you have several repayment options that could lower your monthly payment to make them more affordable. The traditional repayment plan is a 10-year repayment …show more content…

First, you may get a lower interest rate through consolidating your loans. Second, you may have additional repayment options, including a 15-year or 30-year repayment plan, versus the traditional 10-year repayment plan. If you can lower your interest rate or get on a longer repayment plan, then student loan consolidation may be a good option for you if you can’t afford your current student loan payments. Make sure you determine whether you’ll get these benefits before actually consolidating.

Refinance Your Student Loans

You may be able to refinance your student loans to get a lower interest rate, which would lower your monthly payments. However, be careful about refinancing Federal student loans, because as of now, you can only refinance through private lenders. This means your otherwise Federal student loans will become private, and you will lose forgiveness options and income repayment plan options by refinancing. If you are fairly certain that you’ll be able to pay your debt if you refinance, then this may be the option for you. Just be sure you’ve thought it through!

Don’t Let Your Loans Go to

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