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Student loans are a huge burden for many graduates — and the economy. With 44 million people affected and $1.4 trillion in student loans outstanding, there’s a good chance you feel the weight of your own student loans.
So, what happens when you can’t pay your student loans? What are your options? This weeks episode tackles that thorny issue.
- A look at some of the reasons there’s so much student debt.
- Prices to attend college continue to rise.
- The importance of developing a marketable skill.
- Stagnant wages make it even harder to repay student loans.
- Income-based repayment plans for when you can’t pay your student loans.
- How to talk to your lender about your options.
- Downsides to deferment and forbearance.
- Tips for spending less money and boosting your income.
- The importance of making a plan to pay off your student loans.
This week, our DO NOWs are all about solving the problem when you can’t pay your student loans. Start by getting all your student loan information together, using the list offered by Department of Education. You should also see what programs you are eligible for. If you qualify and are struggling, you can start the loan consolidation and income-driven repayment process.
This week’s listener question deals with the question of what happens if you don’t want to pay off your student loan debt quickly. Does it ever makes sense to keep the student loans for a little longer?
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