Life Kit Pay Off Student Loans The Smart Way
Jun 10, 2019
Bonnie Littrell, Director at the Student Borrower Protection Center and a student loan expert, shares crucial insights on managing student debt. She discusses the importance of understanding the differences between private and federal loans, and emphasizes the benefits of income-driven repayment plans. Listeners will learn effective budgeting strategies and personal anecdotes about overcoming debt. Bonnie also highlights the significance of tracking loan statuses for programs like Public Service Loan Forgiveness, helping borrowers navigate the complex world of student loan repayment.
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Survey Your Loans & Choose a Repayment Plan
- Determine if you have private or federal student loans, or both.
- Choose the best repayment plan: standard, extended, graduated, or income-driven repayment (IDR).
Beware of Forbearance
- Avoid forbearance if possible, as it can negatively impact your progress towards loan forgiveness and increase your debt.
- Opt for an income-driven repayment (IDR) plan to lower your payments and keep you on track.
Be Your Own Advocate
- Don't solely rely on your loan servicer; become your own advocate.
- Research your options, communicate your desired plan clearly, and obtain written confirmation.