(TheDailyCurrents.com) – Student loan debt in America is a serious issue that has left many citizens overwhelmed and hopeless. According to the Student Data Initiative, about 43.5 million borrowers have existing federal loan debt. With the high cost of tuition and lack of job opportunities for recent graduates, many borrowers struggle to make their monthly payments. Although the White House has proposed a student loan relief bill, there is no guarantee that it will pass.

So, what can you do if the federal government can’t initiate a student loans relief bill? In that case, there are several alternatives you can try.

Refinance Your Student Loans

Refinancing your student loan is one way to reduce your monthly payments and save money in the long run. In addition, it allows you to take out a new loan with a private lender to pay off your existing ones. While refinancing a student loan can lower your monthly payments, it can save money in the long run. Other benefits of refinancing your student loans include the following:

• Consolidating payments: By financing your student loan, it’s possible to consolidate them into one simple monthly payment. Additionally, consolidating multiple loans through private lenders allows you to save money by selecting an alternative loan term or reducing interest rates.
• Release a cosigner or collateral from your loan: Since refinancing a student loan allows you to take out a new loan, you’ll also eliminate the risks to your cosigner or collateral.
• Securing a quote without affecting your credit score: Securing a rate quote from student loan financing lenders allows you to qualify with a soft credit check, which doesn’t hurt your credit score. You can find how much you can save before submitting a complete application or receiving a hard credit check through a soft credit check.

Because many lenders offer student loan refinancing, comparing rates and terms is essential before deciding on a lender.

Consider Income-Driven Repayment Plans

Another option for student loan borrowers is to consider income-driven repayment plans. These plans offer borrowers more affordable student loan payments based on their discretionary income. Also, income-driven repayment plans provide borrowers with the lowest monthly loan payment, making them more affordable and manageable.

According to the Federal Student Aid, there are various types of income-driven payment plans to choose from, each with specific requirements. Such include the following:

• Revised Pay As You Earn Repayment Plan (REPAYE Plan)
• Income-Based Repayment Plan (PAYE Plan)
• Income-Contingent Repayment Plan (ICR Plan)
• Pay As You Earn Repayment Plan (PAYE Plan)

These plans are effective for borrowers struggling to make their monthly payments or those with low-income jobs.

Look Into Loan Forgiveness Programs

Borrowers who work in specific fields may be eligible for loan forgiveness programs. If you meet certain criteria, these programs forgive some or all of your student loans. For instance, a Public Service Loan Forgiveness Program is available for federal, state, local, or tribal government or non-profit organization employees. The program forgives the remaining balance on a borrower’s Direct Loans after they have made 120 qualifying monthly payments while working full-time for a qualifying employer.

Furthermore, if you are a nurse, you might be eligible for nurse’s loan forgiveness programs such as:

• Nurse corps loan repayment
• Perkins loan cancellation
• Army nurse corps benefits
• Disadvantaged faculty loan repayment program

Seek Professional Help

If you struggle to repay your student loan, you can seek professional help from credit counselors or student lawyers. These professionals can help you understand your options and provide guidance on how to manage your debt. For example, a credit counselor can help you create a budget and develop a repayment plan. Additionally, a student lawyer can help if you face wage garnishment, default, or legal issues.

America’s student loan debt crisis affects millions of borrowers. So, if the White House doesn’t initiate a relief bill, options are still available to help you manage your debt. However, it’s essential to explore all options available and choose one that best fits your financial situation.

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