Student Loan Debt Relief ? How Can You Get it?

It?s quite common for students of this generation to leave school with a student loan debt burden. However, that doesn?t mean that one should stop looking ahead. If you?re overwhelmed by your student loan debt that you can?t really afford, then here?s news for you.

It?s very much possible to look ahead and make a fresh financial start be getting debt relief for your student loan. You could also hire professionals to assist you in paying back your student loan or negotiate with the creditors yourself.

How?ll you negotiate and get rid of your student loan debt burden?

Eliminating student loan debt can be pretty intimidating in a way, but it?s definitely not impossible. Here are 6 strategies that can help you get rid of your student loan debt.

Gather all the records

When starting out to take care of your student loan debt, the first thing that you need to do is gather and collect all the records. Complete all relevant paperworks. You can contact the lender who?s servicing your loan and request for a copy of your payment records. This is important for otherwise you wouldn?t know if there are any mistakes involved.

Contact the original lender

If you?re looking to negotiate your own student loan debt, then get in touch with the original lender and inquire about negotiating your loan amount. Now, if your lender has turned over your account to a collection agency, then you?ll have to work with the collection agency directly.

Try and convince your lender or the collection agency to lower the interest amount that you happen to owe. Try and negotiate a waiver of the past fee amounts that are due.

Work out a plan

It?s advisable that you try and work out a payment plan with your lender or the collection agency. There are chances of paying off your student loan principal amount by chalking out a proper monthly payment plan for a year or 2.

Remember the fact that it?s hardly possible to negotiate a student loan amount for less than the principal involved.

Go for rehabilitation

You should rehabilitate your loan if it has defaulted or entered into collections. It?s imperative that you go through the process of loan rehabilitation before going for a repayment plan. Be warned of the fact that your monthly payments might be a notch higher during this loan rehabilitation period.

Moreover, you?ll have to make full payments and that too on time for 10 months consecutively.

Pay a lump sum

You could also offer to make a lump sum payment to get debt relief from your student loan burden. It?s more likely that you?ll be able to settle your loan amount if you offer to make a one time lump sum payment. This might not always be a possible solution.

However, in case you?re expecting a good sum of money like say a tax refund or likewise, then perhaps you could think on the lines of settling your student debt all at once. Generally lenders are known to give a time span of 90 days to settle the payoff amount if you can negotiate properly and convince them that you?ve got the money.

Get it in writing

It?s absolutely crucial that you get everything down in writing. Ask the collection agency or your lender to send you all the details of the negotiations and agreements in writing. This is going to act as a protection for you in the long run.

Follow the 6 strategies discussed above and it shouldn?t prove a big problem for you to get debt relief from your student loan.

By Andrew Jackson, financial counselor associated with Oak View Law Group, APC now for over 4 years. He analyses people?s financial situations minutely and advises on different debt relief options available. He also helps people manage their budgets through free counseling.

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Source: http://www.happyschoolsblog.com/get-rid-student-loan-debt-relief/

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