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Consider debt consolidation
Debt consolidation means taking one big loan, with an interest rate as low as possible, to repay all your other loans. That way you could save lots of money due to lower interest rate and go from having to deal with several creditors, to dealing with only one creditor. Talk to you credit counselor to see if this is the best option for you.
Debt settlement is one of the last options for getting rid of your debt as it will seriously damage your credit score. But, sometimes it is the best option for you. Basically, your creditors and you agree that you will pay a certain percentage of your debt and it will count as if you repaid your entire debt.
Before using this option, talk to your credit counselor to see if this is the best option for you.
It's not the most pleasant thing to do, but it certainly beats getting a high-interest loan from a bank or credit card company. Explain your situation to your friends and family and if needed, make an official agreement, with notary public present, so the person who lends you the money knows you are serious about repaying your debt to them. If needed, offer a collateral.
While repaying your debts should be a priority, spare a certain amount (as much as you can) for your emergency fund. You never know when will you need it for medical bills or some other situation that requires lots of money right away. Otherwise, you will further increase your debt.
Make sure that you understand what are you up against. Examine your rights and responsibilities as a loan user, available repayment options, factors that determine if you are eligible for forgiveness of a debt, consequences if you default on your payments, etc.
With a standard repayment plan, you will be able to pay off your entire student loan in 10 years. Every month you pay the same amount until your debt is fully repaid. Suitable for students with a steady income. One of the most efficient way to pay off your debt.
A graduated repayment plan starts with smaller monthly payments that increase over time. It's perfect for you if you current salary is too low for a standard repayment plan, but you expect to get periodic promotions and salary increase. With this plan, you will also be able to repay your student loan in 10 years.
This plan should only be used if you can't afford any other plan. Your monthly payments will be small, but overall, you will pay a much higher amount due to interest. With this plan, you expect to fully repay your student loan in 25 years.