student loan debt seems to get bigger as time passes by
Los Angeles-Long Beach, CA (PRWEB) February 03, 2017
National Debt Relief recently shared in an article published January 15, 2017 some insights in consolidating student loan debt. The article titled “Should I Use Debt Consolidation to Pay Off Student Loans?” looks into the student loan problem and explains some of the best ways to address the payment problem including debt consolidation.
The article starts off by pointing out that student loan debt seems to get bigger as time passes by. Total student loan debt keeps increasing as well as average student loan debt per borrower. The hard part is that this type of debt is something that is hard to discharge when times get tough.
It is common for people to face financial challenges in life. However, the article explains that defaulting on student loans should be the last thing on anyone’s mind. This is because as soon as the loan goes into default, the entire amount becomes due. This includes all and any interest on the loan.
The article explains that one repayment option is Pay As You Earn. This program will base the monthly payment in consideration of the borrower’s income as well as the size of their family. It even caps the payment at only 10% of their discretionary income. This is a great repayment method that helps balance out the amount based on their budget.
Consolidating student loans can also be done. The article shares that it can be through a federal Direct Consolidation loan program or a private consolidation. Each has their own pros and cons for borrowers to consider. The idea largely remains the same where they are able to combine most, if not all their student loans under one account.
To read the full article, click https://www.nationaldebtrelief.com/debt-consolidation-student-loans/