How to Deal With My Massive Student Debt
Acquiring student loans seems to be the key to a successful and bright future. It is indeed essential financial support needed by aspiring students to continue their education and earn a better living. However, it is not that easy to repay this loan without proper management plans. Your management plan for repaying your student loan should be formalized at that very moment when you are signing the contract. It is critical to understand the terms and conditions of your student loan.
Student Loans
Student loans are usually granted by the federal government, and you are given a ‘grace period’ of about 6 months to repay your loans without accumulating interest on it. The government pays the amount of interest during your grace period. Even if you have massive student debt, you can pay a lump sum amount without having to pay attention. This will reduce the total amount of debt during the lifespan of your loan.
In most cases, with the current unemployment scenario, students are unable to start paying back their loans during the grace period. Unfortunately, the interest on the loan keeps adding to the total amount of loans, making it impossible for the students to deal with …