Gonzales's mother works in retail and her father for the airport, she said, and both encouraged her to pursue higher education. Gonzales received her degree in business marketing and says she was "horrible with finances" until she began working as a loan officer herself. RELATED: Senate votes to undo Biden's student loan relief "I could have gone to community college or lived in cheaper housing … It's a huge financial decision." "I was the first in my family to go to college, and I could have saved money with grants and scholarships had I known someone who knew about college," she said. The Federal Student Aid website can help direct you to counselors, as well as organizations like the Student Borrower Protection Center and the Institute of Student Loan Advisors. Gonzales recommends that anyone with student loans speak with a mentor or financial advisor to educate themselves about their options, as well as making sure they're in an income-driven repayment plan. Her private student loan payment has been $500 a month, and her public student loan payment will be $350 per month when it restarts. During the payment pause on her public loans, Gonzales said she was able to pay off her credit card debt, buy a new car, and pay down two years' worth of private loans while saving money. She holds $32,000 in public student loans and $40,000 in private student loans. TALK TO AN ADVISERįran Gonzales, 27, who is based in Texas, works as a supervisor for a financial institution. If you'd like to repay your federal student loans under an income-driven plan, the first step is to fill out an application through the Federal Student Aid website. If your income is low enough, your payment could be as low as $0 per month. Generally, your payment amount under an income-driven repayment plan is a percentage of your discretionary income. It takes into account different expenses in your budget, and most federal student loans are eligible for at least one of these types of plans. WHAT'S AN INCOME-DRIVEN REPAYMENT PLAN?Īn income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. Rather than "setting it and forgetting it," she encourages borrowers to reevaluate when their financial situation improves. We would also encourage you to refer to the terms and conditions associated with your current account, credit card or personal loan.Sometimes, when borrowers are in a financial bind, they'll choose the option with the lowest monthly payment, which can cost more over the life of the loan, Mayotte said.
The sooner you do this, the more likely it is we’ll be able to find a way to help you You think that you won’t be able to keep up with your repayments.Your circumstances change, particularly if what’s happened is likely to cause you difficulties in managing your account or financial problems.Your contact details change, so we can keep our records up to date.If anything isn’t right, please get in touch with us Carefully check your account statements to make sure they are accurate.Tell us as soon as possible if your card has been lost or stolen, or if you know or suspect someone is misusing your confidential information e.g.Take care of any cards, PINs, online log-in details and other security information to help prevent fraud and help us to protect your accounts.We ask you to think carefully about whether you can afford to repay the money you want to borrow and to be open in your dealings with us.
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