In this current age of recession students are the one entity who is really under the knife. Students’ loans are increasing with each passing day. And it is becoming very difficult to repay the loans as the loans are too high to be repaid any time sooner. Sometimes a student takes more than 20 years to repay the loans which he has taken during his college/university years. It not only affects the students in their coming ages but also their children who have to undergo through a bad phase in their lives.
In this article we are going to discuss by what methods you can get rid of the student loans and what are the preventive ways. Let us discuss some of them
Getting rid of the student loans
- There are instances that when you attend the school and graduate the school closes after some years. In such cases when you have graduated and the school closes but you still have some loan to repay you should file a case to eliminate the loan as soon as you can. In this situation you will be completely free of the extra loan you had to pay to the school. This is an ideal situation and you need to get benefit from it when possible.
- In cases if you get disabled or are disabled, you should contact your loan agency and ask them to reduce or completely revoke your loans altogether. There are cases when person gets disabled due to some accident or trauma his loans are revoked, if not completely, but to some extent. These are the cases which should not be handled by the boy itself but he should handle it through some agency etc.
- There are some services available out there who offer student loan reduction to some percentage. These services need to be contacted as soon as possible because you can reduce your loans to a significant degree if you contact these services. There is a service named as “Peace corps” which reduce the student loans to as much as 20 percent if you give them one year of your service. This is an amazing opportunity to work as well as reduce your loans. This method is very important to consider if you have got hefty amount of loans in your bank account.
- In cases of bankruptcy there is small chance for you to reduce your student loans. Although it is very rare that loans get reduced but at least you can try. This can only be done if you contact your lawyer or any concerned person.
- You need to opt for teaching at the very earliest if your need to reduce the loan is dire. This method is similar to the one we have discussed. All you need to do is provide them with some years of your service and your loan be forgiven gradually. Teaching is considered to be one of the most respectable professions and if you provide them with your service it can only benefit you.