If you’re suffering under the weight of student loan debt, it may be difficult to know who to turn to. Student loans are one of the most important debts you can have because they represent the opportunity to improve your education and get a good job in the future. However, if you’re just out of school and trying to find a job in a difficult economy, or if you’ve taken a placeholder job while you search for a career that will use your degree, you may find that your student loan debt is more serious than you thought it would be.
Student loans recently surpassed credit cards as the most common form of debt in the United States, making it that much more important for people with too much student loan debt to contact a professional and get help with their debt management.
Who to Contact
You can contact a qualified credit counselor like Creditguard if you need help managing your student loan debt. A credit counselor can give you practical, actionable suggestions for making your monthly loan payments more affordable. These suggestions may include going into deferment, filing for hardship status or seeking to get a better interest rate on your loans.
A credit counselor can also help you with your personal finances in general. It could be that your student loans only feel overwhelming because there are steps you can take to improve your finances in other areas of your life. A counselor can give you helpful tips for staying frugal while shopping, finding affordable childcare services or getting assistance with medical bills or utility payments.
Counselors can also give you advice on how to manage your other types of credit such as credit cards, personal loans and store lines of credit. These other types of credit may be managed through a process known as debt consolidation, which your counselor will explain in detail. The counselor may work with you and decide that consolidation is the way to help you pay off these loans more quickly, which can save money each month to go toward paying off your student loans.
The only way you know if you’ll be able to get help with student loan debt (and other forms of debt that you may have) is if you contact a credit counselor today.