Expert Advice for Borrowers After the Fall of Student Loan Forgiveness. What Should You Do Next?

But experts say borrowers should start preparing for the reality that debt relief may not materialize.

“When we get worried about money, there’s often a temptation to avoid the situation altogether.

Stacey MacPhetres, senior director of Education Finance at EdAssist by Bright Horizons, agrees.

“Before we think about the what ifs, think about what is.”

“First – don’t panic, but also don’t ignore it.”

you’re able to also use theloan simulatoron the FSA website to help you compare repayment plans.

“you should probably know your income and debt numbers.”

You should start by examining your bank statements.

You might find you cannegotiate certain expenseslike your cellphone or internet bill.

“I had a promotional rate with my alarm company which expired,” he said.

“My payments went from around $20 a month to $80 a month.”

By negotiating with the company, Sprung was able to lower this expense to below $40 per month.

you’re able to view thecurrent income-driven repayment plansat the FSA website.

“If it’s overwhelming, ask for help,” said MacPhetres.

“Talk to your loan servicer.

you could learn more about federalstudent loan forbearanceanddeferment optionsat the FSA website.

She also recommends looking into state-based forgiveness programs, as well as other industry-specific debt relief options.

TheFSA websiteoffers a more comprehensive list of other federal student loan forgiveness programs.

Your employer might also offer student loan repayment benefits, such as payments toward your student loans.

But if it’s possible for you to’t, be careful when shifting balances to 0% offer cards.

“It can give you some relief, but that’s not a long term solution.

Refinancing certain debts could make sense, but be wary of refinancing your federal student loans.