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Aarthi Swaminathan, author of “How to Get Freedom From Your Student Loans,” shares her advice for getting free from student debt. Currently, over 40 million Americans are carrying student debt. She shares how to get out of debt without a cosigner and income-based repayment options. But how do you know which type of student loan is right for you? Follow these tips and you’ll be on your way to freedom from student debt.
Federal student loans are flexible
While it may be tempting to apply for a large amount of money during your undergraduate education, federal student loans can help you meet your educational costs. These loans do not require a credit check and usually come with low interest rates. They can also be deferred until you graduate and do not require a credit check. Federal loans are a great choice for a college student because they often have better benefits than private loans, and they should be your first choice.
Direct subsidized loans have several key benefits, including no interest on the first six months and deferment until graduation. These loans can be used to cover the full cost of attending school and can also be used to supplement other forms of financial aid. There are several repayment plans available, including deferment or grace periods, as well as loan forgiveness programs. However, you should consider the interest rate and other financial factors before applying for a loan.
They don’t require a cosigner
There are some important things to consider before applying for a student loan. Some lenders will require a cosigner. Other lenders will consider academic merit, postgraduate prospects, and credit score. Generally, student loans will need a cosigner on your application. Be sure to carefully review any loan requirements before applying. This article explores these issues. However, it’s important to keep in mind that student loan eligibility criteria can change from one lender to another.
In addition, a cosigner doesn’t have to be your parent. A parent can be a cosigner, but it’s not always the best choice. Instead, consider asking a sibling, aunt, or uncle for financial support. While this is not a guarantee of success, it can improve your chances of qualifying for a loan. You’ll want to be aware of these restrictions, as they’ll impact the type of loan you can qualify for.
They can suspend interest indefinitely
If you’re looking for a way to get out of debt, there are many options. Federal student loans are one of the most popular, and they can be suspended for a short period of time if you’re not making payments. These options include COVID-19 emergency relief, deferment, and forbearance. While you can choose to suspend payments for a limited period of time, you will have to remember that interest will continue to accumulate on your loan and will increase your total debt over the loan’s life.
The CARES Act was originally designed to extend the pause until August 2020, but President Biden and President Trump have repeatedly extended it. The latest extension, issued in August, is due to end on August 31, 2022. However, the Education Department did not respond to requests for comment. The biden administration has also requested the President extend the pause through 2022, but that could be a long time.
They have income-based repayment options
Many students are confused about the different types of income-driven repayment plans for student loans. These plans are offered to borrowers who are unable to pay back their student loans in full, and they usually lower monthly payments. However, they do come with a catch: these plans lock borrowers into the plan they choose, and switching plans can mean large payments on your loan. You can use these income-driven repayment plans to lower your monthly payment, but be aware that they can also cause you to pay more interest than you originally owed.
The first option is income-driven repayment. The amount of your monthly payment will vary based on your income and family size. The repayment plan requires you to recertify your income and family size each year. However, you can always change back to an income-based repayment plan if you need to. However, if you do not meet the annual income requirement, you’ll be placed in a standard repayment plan where your payments will remain the same.