Can someone help me with my student loans?
Your loan servicer will help you for FREE. Contact your servicer to apply for income-driven repayment plans, student loan forgiveness, and more.
Now, student loan borrowers can readily identify qualified financial planning professionals able to analyze complex student loan situations and integrate debt management into a comprehensive financial plan! Financial advisors who are not certified by us may also be qualified, and in any case, borrowers should interview ...
Additionally, you can speak with the U.S. Department of Education's Federal Student Aid Information Center at 1-800-4FED-AID (1-800-433-3243) for information on student loans. For private student loans, you should shop around at different lenders, including banks, credit unions, or other student loan providers.
Department of Education
You can find out about how to switch your repayment plan, what to do if you temporarily can't pay your loans and how to qualify for a forgiveness program. The Federal Student Aid (FSA) Ombudsman Group can also act impartially to solve issues between you and your loan servicer.
Failing to pay your student loans can have devastating financial consequences. Eventually, your student loans will be put into default and you may lose federal loan benefits, have your wages garnished, get barred from federal student aid among other consequences. Your loan holder may sue you, as well.
Your school's financial aid office is a terrific starting place. Most financial aid offices have ample information about federal student loan options. The Federal Student Aid office is another helpful resource. It's often best to max out your federal loan options before considering private student loans.
| Fee type | Typical cost |
|---|---|
| Assets under management (AUM) | 0.25% to 0.50% annually for a robo-advisor; 1% for a traditional in-person financial advisor. |
| Flat annual fee (retainer) | $2,000 to $7,500. |
| Hourly fee | $200 to $400. |
| Per-plan fee | $1,000 to $3,000. |
Contact your loan servicer, explain the situation and try to arrange an affordable payment schedule. Cut expenses and increase income to generate enough money to make payments.
call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
If your student loan payments seem too high for your income level, you might be able to switch to an income-driven repayment plan. This bases your payment amount on your income and family size. Find out how to apply for an income-driven repayment plan to lower your monthly payments.
Should I get a financial advisor for student loans?
Struggling With Your Loans in Repayment. Finally, struggling graduates should absolutely seek out financial counsel. A financial advisor isn't just someone who helps you manage money. They can also help you manage debt and get out of trouble.
If you're not working full-time, you may get denied for student loan forgiveness.
The PSLF Program forgives the remaining balance on your Direct Loan after you've made the equivalent of 120 qualifying monthly payments while working full time for a qualifying employer.
PSLF allows qualifying federal student loans to be forgiven after 120 qualifying payments (10 years), while working for a qualifying public service employer.
Loan servicers will report the delinquency to the three national credit bureaus if a payment is not made within 90 days. A loan goes into default after a borrower fails to make a payment for at least 270 days, or about nine months, which can result in further financial consequences.
All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed to attend school, not what a borrower currently owes or the amount of an individual loan.
- Loan Forgiveness Programs. ...
- Income-Driven Repayment Plans. ...
- Disability Discharge. ...
- Temporary Relief: Deferment or Forbearance. ...
- Student Loan Refinancing. ...
- Filing for Bankruptcy: A Last Resort.
Total federal student loan debt
Most student loans — about 92.5% — are owned by the government.
Federal student loans and federal parent loans: These loans are funded by the federal government. Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school.
Research from EducationData.org shows that almost 45.3 million Americans hold an average federal student loan debt balance of $37,338. Combined, student loan debt in the U.S. adds up to nearly $2 trillion. According to the same data, the average student loan monthly payment is $503.
How much student loans does fafsa give?
$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
A financial advisor is worth paying for if they provide help you need, whether because you don't have the time or financial acumen or you simply don't want to deal with your finances. An advisor may be especially valuable if you have complicated finances that would benefit from professional help.
Income-Driven Repayment (IDR) Forgiveness
If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years—or as few as 10 years under our newest IDR plan, the Saving on a Valuable Education (SAVE) Plan.
Having a student loan will affect your credit score. Your student loan amount and payment history are a part of your credit report. Your credit reports—which impact your credit score—will contain information about your student loans, including: Amount that you owe on your loans.
- Online—You may be able to apply for certain forbearances and deferments on your servicer's website. Find your loan servicer.
- Mail or Email—To apply by mail or email, you must.
- Phone—Contact your loan servicer if you are experiencing financial hardship.
