Student Loan Debt Advice
Debt management for your future
Many of today’s college graduates are facing serious debt on student loans. Fortunately, there are debt management approaches that may help you more comfortably handle all your debt, so you can look forward to a brighter future. We can help.
Tips To Consider Before Your Appointment
Before you visit with First Source, we recommend considering the following tips, if you haven’t already:
Don't stop payment on any of your loans, including your student loans. This can damage your credit seriously, and make it difficult to obtain financing in the near future.
Check your student loan payment schedule in comparison with your income pay period. You may be able to shift your loan period date to be more accommodating.
Speak to a representative from your student loan servicer to see if you meet requirements for any type of loan relief or deferment. They can let you know what, if any, options you can pursue through the lending organization.
If you have more than one student loan, pay down your higher-interest loans more quickly, since they impart a higher burden on you. That doesn’t mean neglecting to make payments on any of your other loans, but if possible, put more toward those higher-interest loans each month.
Taking responsible steps, such as the one you are looking into right now, is a smart approach.
If you find yourself wishing for student loan debt consolidation or refinancing, you are not alone; though, due to federal regulations, these approaches aren’t permitted for student loans specifically through First Source. While you may not directly consolidate your student loans with us, if you have other debt, a consolidation plan may be something to consider to relieve your overall debt burden.
Debt Consolidation Plan
If you have tried the above approaches and still need help managing all your debt payments, make an appointment with us for a consultation. Since many factors affect your personal financial situation, we customize our approach for you personally. These factors include where and how you initially incurred debts, and what type they are. For example, debts from credit cards and personal loans, even if used for student loan needs, can be considered for debt consolidation (excludes Private Student Loans). Our approach usually includes taking those other various loan payments and combining them into fewer bills, preferably one, at a lower overall interest rate.
We will consider your various loans, interest rates, employment, and other financial resources. We then determine your ability to pay on a monthly basis, alternatives for scheduling payments, moving due dates to match your personal financial cycles, and automatic deductions. We will work with you to consider options for consolidating your non-student-loan debt. Some approaches include:
Personal Loan - A fixed-rate personal loan may be a solution, depending on how the interest rate and terms compare to your existing loan debt.
Home Equity Loan or Line of Credit - A home equity option may work for you, depending on the home’s ownership and current equity. We can evaluate whether the balances and interest rates on your loans qualify you for a home equity solution.
Managing Your Debt
After working with you on managing your existing financial challenges, we can help you with a sound financial approach going forward. Our goal? To keep your debt manageable, and help you achieve a workable financial approach. We can discuss savings options, borrowing practices and choices, and more, so you can look forward to a future with more freedom and less worry.
Live Smarter and take the first step to debt management by making an appointment or calling 315-735-8571 today.
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