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If you’re struggling to make your student loan payments, you may have wondered if forbearance is a good idea.
While it’s true that forbearance can offer you some temporary relief from student loan payments, that relief can come at a significant cost—and can make paying off your student loans even harder.
Let’s talk about what forbearance is, and if it’s the right option for you.
Have you faced a financial hardship lately that’s preventing you from making payments on your student loan?
If you’re struggling to stay current on your monthly payment or you’ve fallen several months behind, forbearance and deferment are two terms you need to know more about.
No academic degree takes longer to earn—or is more expensive to pay off—than a medical degree. The average medical school student now graduates with $192,000 in student loan debt, according to the Association of American Medical Colleges.
So if you’re feeling overwhelmed by your student loans, you’re not alone.
It’s that time of the month again: yep, the day when you grit your teeth and check your bank balance. Will there be enough left to make ends meet after you make your student loan payments?
Whether you’re paying off private or federal loans, there are several options that could improve your financial outlook. In fact, you might be able to pay less on your student loans each month—and end up with more for things like groceries or a vacation.
The numbers can be discouraging.
It takes most four-year degree holders an average of 21 years to pay off their student loans. With the average monthly payment nearly 55% higher than it was a decade ago, it’s not surprising that you might feel like you want to do anything to get the student loan debt monkey off your back.
Is a personal loan to do just that a good option?
