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Student Loan Debt 

Debt management for your future 

Many of today’s college graduates are facing serious debt on student loans. If you find yourself wishing for student loan debt consolidation or refinancing, you are not alone, though you’ll quickly find that these approaches aren’t legally permitted for student loans specifically. Fortunately, there are other debt management approaches that may help you more comfortably handle all your debt, so you can look forward to a brighter future.

Options to Consider First

Stopping payment on your loans should never be an option. This can damage your credit seriously, and make it difficult to obtain financing in the near future. Most student loans do not qualify for bankruptcy protection. Taking responsible steps, such as the one you are looking into right now, is a smart approach.

Speak to a representative from your student loan servicer to see if you meet requirements for any type of loan relief. They can let you know what, if any, options you can pursue through the lending organization. 

One simple approach: 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 loans, but if possible, put more toward those higher-interest loans each month.

Debt Consolidation Plan

If you have exhausted the above approaches and still need help managing your payments, make an appointment for a consultation on your debt. While you cannot consolidate your student loans, if you have other debt, a consolidation plan may be something to consider to relieve your overall debt burden. This approach usually includes consolidating those other various loan payments into a single, more manageable bill, with a lower overall interest rate, and one payment. 

We will consider your various loans, interest rates, employment, and other financial resources, determine your ability to pay on a monthly basis, and work with you to consider options for consolidating your non-student-loan debt. Some approaches include:

  1. 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.  

  2. Home Equity Loan or Line of Credit - If you or your loan co-signer own a home and have built up some equity, a home equity option may work for you. 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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