Ways to Get Out of Student Loan Debt

Dealing with a substantial debt burden can be overwhelming. As you repay your debt, wondering the best way to get out of student loan debt is natural. Here are some options that may help minimize the amount of money you pay back.

1. Loan Forgiveness Programs

These programs could help you get out of paying a portion of student loan debt as they forgive your loan balance after a certain number of years.

2. Income-Driven Repayment Plans

Depending on the specific income-driven repayment plan you select, they may cap your monthly payments between 10% to 20% of your income, depending on eligibility.

3. Disability Discharge

You need to fill out forms and show the Department of Education that you are not able to earn an income now or in the future because of your disability.

4. Temporary Relief: Deferment or Forbearance

This option won’t eliminate student loan debt but maybe an option to consider for borrowers struggling to make monthly payments on their federal student loans.

5. Student Loan Refinancing

By refinancing your student loans, you can potentially qualify for a lower interest rate, which can possibly lower your monthly payments, or save you money on interest over the life of your loan.

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