You can get numerous help to pay off your student loans. But the help that you should avail of in order to pay off your student loans will depend on the types of student loans that you have. The only way through which you can pay off both types of student loan debts – federal and private at the same time is if you get government grants. Government grants are available for free and you won’t even need to qualify for the grants based on your credit. Moreover, you won’t even have to pay back the grant money. However, the government grants are not always available. So, you should also be aware of other types of student debt pay off avenues.

 

Help available to pay off federal student loans

 

You can get help from federal student aid programs in order to pay off your federal student loans. There are various kinds of federal student loan repayment methods. You can consolidate your federal student loans only through federal loan consolidation programs. However, in order to consolidate your federal loans, you are required to qualify for federal consolidation programs. There are again various ways through which you may consolidate your federal student loans. These are, you can take out a Direct consolidation loan to consolidate your federal student loans, or make the payments through IBR.

 

So that you can opt for Direct consolidation loan, you are supposed to have atleast one Direct loan or FFEL that is the Federal Family education loan. Other than this, if you have already taken out a Direct consolidation loan, you can’t take out another till you have taken another Direct or FEEL loan.

 

Student loan forgiveness program is another method through which you can become free of student loan debt. However, student loan forgiveness is only for federally insured student loans such as the Stafford loan or the Perkins loan and so on.

 

Private student loan help

 

If you have private student loan you can go to a credit counseling company for help. They will first check your financial obligations and your affordability and then enroll you in a debt pay off program. That can be a debt consolidation program or debt management program.

 

In a debt consolidation program, all off your student debts will get consolidated with other unsecured debts (if any) and the interest rate will be lowered. You will have to make the payments to the counseling agency and they will forward the payments to your creditors.

 

Again, in a debt management plan, you learn how to manage your debts and the interest rate is lowered. Other than this, the penalty fees may also get waived off.

 

So, you may opt for any of the student debt pay off options depending on the types of student debt that you have.

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