How to lower my private student loans?
This question regarding how to lower private student loan debt dates back as far as private student loans them-self. Nothing is free, everyone knows that, but private student loans are about as far from free as you get. The amount you pay back if you were to pay only minimum payments might surprise you. That's because when you factor in all the ingredients of a typical private student loan, you're talking about a large debt amount plus a high or semi-high interest rate and usually a fifteen or twenty plus year term. When you do the math, you will see that you end up paying back a substantial amount more than you borrowed. Another reason for the large difference in what you pay back compared to what you borrowed is because the whole time that you are working away hard on you bachelors or masters degree, your private student loans are accruing interest. Even way before your first payment comes due, your loans are growing larger.
So, with so many factors trying to push your private student loans up, how do you reduce your private student loans? And by reduce, we mean really lower in a way that's not only noticeable monthly but will get your private student loans gone, gone,.. OUT OF HERE once and for all? The simple, yet best answer is to be diligent in finding what solution for getting them paid off makes the most sense for you. Obviously, the factors that help you determine this is the amount you owe in private student loans, your income, and you cost of living.
Checklist of factors to look at when trying to lower your private student loans
Getting a clear picture of all of the items listed above (even consider writing all these out on paper or putting on a spreadsheet) will be of great help and importance when it comes to figuring out what the best way is to tackle your private student loans.
Some options that may be offered by your lender
I'm really struggling. How can I drastically lower my private student loans?
Luckily, even for those with high debt amounts and are severely struggling to pay back their debt, there is still help. Private student loan forgiveness. is a debt help option for those who need to drastically lower their private student loans to get them paid down and eventually paid off. There is more regarding this on our I can't afford my private student loans page. This is the option most explored in cases of needing more serious help because private student loans are hard to bankrupt out of. Bankruptcy is also a more rigid course of action. It's not nearly as flexible as getting a settlement through a debt relief program. It also has more of an impact short and long term than settling your private student loans.
Conclusion on reducing your private student loans
When you look at all the options available it's easy to see that with a little digging and research, there are a lot of ways to help you reduce your private student loans. One thing is for certain, any of these options are better than just ceasing to pay them. By doing that you will run a high risk of being sued by your lender and nobody wants that.