Student Loan Debt: 6 Steps for Paying it Off (Pt. 1)

July 11, 2014

Investing in your future by taking out student loans is a viable option for obtaining a higher education and getting degrees that can increase your future earning power. While student loans can be some of the best types of loans you can have (as they tend to have better interest rates, grace periods and other features that can be forgiving to borrowers), these loans are still – at their core – debt that can weigh you down, especially when you may be juggling other debt (like, for instance, car loans, mortgages and/or credit card debt).

If you are ready to start making a concerted effort to pay off your student loan debt, here are some specific steps you can take to help you on this journey.

If you are ready to start making a concerted effort to pay off your student loan debt, here are some specific steps you can take to help you on this journey.

If you are ready to start making a concerted effort to pay off your student loans, below are some specific steps you can take to help you on this journey. If, however, you may be struggling with too much other debt and are unable to may sufficient (or any) payments on your student loans, it’s time to contact Colorado Bankruptcy Attorney Jon B. Clarke to learn more about your options for getting out from under serious debt and obtaining a financial fresh start.

Step 1 – Know what you owe.

The first step in your effort to pay off your student loan debt is to figure how much you to whom. In many cases, student loans come from a variety of sources (including both public and private lending institutions), and knowing the specific amount of money you owe to each lender is crucial.

Once you figure this out, make sure you also know what the interests rates are on each of your student loans (if you have more than one). This will be important to determining which of student loans you should focus on paying the most money towards first. Specifically, you should pay the most money towards the student loan with the highest interest rate first in order to avoid paying far more in the long run on this loan.

Step 2 – Consider refinancing your student loans.

As with other loans you may have, refinancing student loans can be a viable option when you are looking to lower your interest rates on this debt. It’s important to point out here that you should always do your research before you sign anything regarding refinancing your student loans.

This is because, while some deals or offers may seem attractive on paper, you need to know all of the costs before you move forward. In fact, in some cases, refinancing your student loans can come with some origination fees and/or other costs that may be sufficient enough to make this a bad choice (depending, of course, on your financial situation).

Don’t miss the additional installments of this blog that will be posted soon for some more essential tips regarding how to effectively pay down your student loan debt.

Colorado Bankruptcy Lawyers at the Law Office of Jon B. Clarke, P.C.

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C.

For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our clients’ cases are resolved as favorably and efficiently as possible.

Contact Us Today

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

Categories: Blog, Debt Relief, Student Loan Debt