If your student loan payments are too high, don’t panic. There are ways to make them more manageable:
1. Switch to an Income-Driven Repayment Plan:
These plans base your monthly payments on your income and family size.
2. Apply for Deferment or Forbearance:
If you’re unemployed or facing financial hardship, you may be able to temporarily pause payments.
3. Refinance Your Loans:
If you have good credit, refinancing may qualify you for a lower interest rate and smaller payment.
4. Extend Your Repayment Term:
Choosing a longer repayment period lowers your monthly payment (but increases total interest).
Conclusion:
Contact your loan servicer before missing a payment. They can help you find the best solution for your situation.
