What to Do If You Can't Afford Your Student Loans

Paying off student loans can be a long and difficult journey, and for many people, it can be a financial burden to keep up with monthly payments. If you're struggling to afford your student loans, don't worry, you're not alone.

Consider Income-Driven Repayment Plans

Income-driven repayment plans can be a great option for those who are struggling to stay on top of their student loan payments. These plans adjust your monthly payments based on your income and family size, so you can make payments that are more manageable for your budget.

Refinance Your Student Loans

If you have a high credit score and a stable income, refinancing your student loans can be a great way to save money on interest and get lower monthly payments. This involves taking out a new loan to pay off your old ones, so it's important to shop around and find the best rates and terms.

Apply for Student Loan Forgiveness

Depending on your field of work and type of student loans, you may be eligible for student loan forgiveness programs. For example, if you work in public service for 10 years and make consistent payments, you may be able to get the remaining balance of your student loans forgiven.

Explore Other Options

There are other options available as well, such as deferment or forbearance which allow you to temporarily pause or reduce your student loan payments. It's important to explore all of your options and find the best one for your unique financial situation.