3 things you need to know before paying your student loan debt - Hawaii News Now - KGMB and KHNL

3 things you need to know before paying your student loan debt

(Image: Wikimedia Commons) (Image: Wikimedia Commons)
HONOLULU (HawaiiNewsNow) -

Let's face it, navigating student loan debt can be depressing -- and frustrating.

When you're ready to start paying, here's what you need to know:

1. There are several repayment plans available, including several based on your income.

When you start repaying loans, you’ll be asked to choose a plan that works best for you. If you don’t choose one, you’ll be placed on the standard repayment plan, which will have your loans paid off in 10 years.

The good news: You can switch to a different plan at any time.

For more information on income-driven repayment plans, click here.

2. If you can’t afford your payments, act – and quickly.

There are several things you can do to try to ease your payment burden. They include:

  • Changing your payment due date.
  • Changing your repayment plan.
  • Consolidating your loans.

Seeking a deferment or forbearance if you can’t make any payments. (One thing to remember: Interest may still accrue on your loan while you’re not making payments.)

3. Look into whether you qualify for student loan forgiveness.

There are several student loan forgiveness programs. One program offers debt forgiveness in exchange for certain types of service, such as teaching.

There are also rare circumstances under which your loan might be cancelled.

Get more details on the options here.

Copyright 2016 Hawaii News Now. All rights reserved.

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