Student loan debt is a significant financial issue across our country. If you are making payments on your loans, but you don’t feel like you are making progress, it may be time to explore some of the more unconventional options for taking control of your student loan debt. Below are a few considerations for helping you manage your student loans:
- Public service. If you have a career in certain areas of public service, and you have a federal student loan, you may be eligible to get a portion of your loans forgiven. The Public Service Loan Forgiveness Program allows full-time public servants (including members of the military) to apply for forgiveness of their educational loans.
- Employer assistance. It has been said that it can’t hurt to ask, so if you are starting a new job, consider asking your employer to pay all, or a portion, of your student loans as part of your signing bonus or benefits package. Even if your employer does not offer this option, you can use any raises, commissions, or bonuses to pay your student loan debt quicker.
- Live below your means. If you reduce your living expenses, it will improve your ability to repay your loans. This means you should select where you live after you graduate carefully. If you live in a location with a low cost of living, live with a roommate, or take other action to live frugally, you will be able to pay your debt faster.
- Tax credits. Remember to deduct the interest you have paid on qualified student loans when you file your federal taxes. You may also be able to claim the American Opportunity Tax Credit for higher education expenses.
Please keep in mind that every student loan matter is different. If you have questions about your student loans and you would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at (954) 516-2566.