For most students, student loans are an inevitability of going to university and getting an education. It’s so normal for our willing young to get in debt that I am almost certain this encourages debt behavior later in life too. The importance of education in the USA system is very important to and many jobs cannot be obtained without having a undergraduate and more and more commonly a masters degree.
In our current economic climate many students are coming fresh out of uni ready to take the work bull by the horns but there is a problem…. No bulls (jobs) can be found so people are stuck with loans and no job. It could take a few years to find a decent paying job in your field!
Get Help Paying Back Student Loans
A loan is a loan so when it comes to pay back time (usually 6months after uni is ended) then it’s no more Mr Nice Bank anymore and pressure will start to build to pay back. Your filing job may just not be bringing in the cash you you may need to find some help paying back the loans. Here are some tips.
- Do not go to a debt consolidation company, they are not going to make your situation better.
- See if any family members or good friends (with lots of spare cash) can help to reduce the loan principle or wipe it out. Do not do this if they need the cash they would loan and ALWAYS start paying something back to them immediately
- Talk to the loan owner (often a gov based organization in USA) and see if any freezes or lowered interest can be applied. Also see if you are eligible for one of their consolidation options.
- Last option…. Go back to school until the economy is stronger!! (Ok, not the best option as this will likely create more debt!).
As I said my biggest advice is DO NOT go with a private loan consolidation/refinance company. Your interest will go through the roof and they do not want to help you!
As far as I know you cannot go to prison for not paying student loans, it will just screw your credit score!
Let me know if you have anymore ideas or experience in dealing with how to get help paying back student loans.