Tips for Coping with Student Debt

coping with student debt

Are you having difficulties in paying your student loan? Do you think that it is impacting your mental and physical health? You are not alone. Many are going through this phase. It would help if you acted intelligently to minimize the stress and pay your loan on time. You might find it a bit hard due to your ongoing financial trouble. However, there are many ways to cope with student debt. You will have to research all the possibilities. After thorough research, you will find yourself in a better position.

Focus on your current financial health. Try your best to minimize your expenses. You need to pay your student loan on time. Otherwise, the consequence can be severe. You will have to avoid such a condition. You might be thinking about how to do this. We will help you with some practical suggestions. Keep reading to find ways to cope with student debt.

Try to Avoid Any Default

Your objective is to avoid any default payment. You will have to avoid any delay to prevent dire consequences. When the delay is for ninety days, you will be considered delinquent. Nine months delay means the borrower has defaulted, and its consequence is going to be severe.

Another thing is that you cannot wipe away your student debt through bankruptcy. The option is not there. The loan will chase you throughout life. Some find it hard to deal with the ongoing troubles. As a result, they experience stress and anxiety. So, it would be best if you avoided all these negative impacts by acting smart.

As stated earlier, you cannot escape, and you should not think from that angle. When there is a temporary financial crisis, you can suspend your federal loans for a time limit. The downside is that you will have to pay more on the interest.

Are There Repayment Options for Student Debt?

Yes, you can consider repayment options when monthly payments are considerably high. You can temporarily suspend your federal loan. Alternatively, you can consider repayment options. There are different types of repayment plans. A few of them are Pay as You Earn, Income-Based Repayment, Income Contingent Plan, and Revised Pay. You can choose any of these options.

A repayment plan will reduce monthly payments. Also, it can stretch out your debt for a longer period. Your monthly income is the main factor in deciding the repayment plan. Therefore, you will not have to be worried about a late payment or default payment.

Consequences of the Default or Late Payment

For a late payment, you need to pay a late fee of six percent on your federal student loan. In addition to the late fee, the government might deduct twenty-five percent of your every payment as the collection fee. It is going to make your student debt even more expensive.

Your credit report will reflect the missed or late payments. It will remain on your report for seven years. Therefore, you might not qualify for any loan during this period. If you find it hard to make payments, you can ask for forbearance or deferral. Both these will not harm your credit score

How to Pay Your Student Debt

You are here means you are having difficulties in paying your student debt. Your financial condition is not allowing you to make monthly payments. During a financial crisis, you can try the following for coping with student debt.

Consider the Grace Period

Your lender is going to offer a grace period once you become a graduate. The grace period will vary from six months to one year. After this, you will have to start repaying your loan. You will have to prepare yourself for the repayment within the grace period.

Research Possibilities

There are different types of student loans. You need to visit the National Student Loan Data System to know more about the repayment options for a particular loan type. You can also get a free copy of the credit report. It will help you to understand the future payments and lenders. Understand the loan and research the repayment options. After this, you can choose a repayment plan that suits your budget. You should know your loan qualifies for loan forgiveness, deferment, or a suitable repayment plan.

Consider Overtime

If it is not possible to make payments from your monthly income, you should try working overtime. When overtime is not an option, you can start some part-time business or join any part-time job. By trying all these, you can make money for your loan.

Ask for Loan Forgiveness

You can ask for loan forgiveness while joining your new job. Some employers might offer your student debt payment as a bonus. If you have this offer, you should prefer that job. Some government jobs might enable you to qualify for loan forgiveness. There will be some minimum eligibility criteria. Know the eligibility requirements to make sure that you qualify for one.

Go with Auto-Debt

If you consider an automatic payment plan, some lenders might lower your interest rates. By going with this option, you can avoid missed payments and late payment fees.

Avoid Additional Expenses

Many make a mistake by spending much on their credit card. Some even consider another loan after joining a new job. You will have to avoid all these until your student debt is paid. You might need to sacrifice some of your interests during the initial years of your job.

Wrapping Up

Student debt can be frustrating. Any delay will affect your credit score. You should try all the ways mentioned above to avoid default. You will have to do proper research about the possible repayment plans or other alternatives before considering late payments or default. If you are having difficulties in deciding, you should take the help of experienced professionals. They are the best persons to guide you accordingly. They can help you to minimize the impact. Contact the right people at the right time to prevent any severe consequences.

Peter Swift

Peter Swift has been working in writing, content development, and online business for over 15 years, of which a decade was spent as content and marketing manager for a credit brokerage. His writing experience covers diverse topics including finance, marketing, online business, and health.

Apply Online Today to Get a Fast, Easy and Secure Loan

© 2023 SLICK CASH LOAN | All rights reserved | (888) 200-7445 | [email protected]


Material Disclaimer: website’s owner doesn’t lend or represent any lender or provider of such service, doesn’t make decisions regarding credits or loans, and isn’t implicated in any way in the process of lending. is a platform that connects potential loan borrowers with reliable and reputable loan lenders. It doesn’t regulate the lending process hence isn’t liable for the actions of the lenders. The particular lender offering the services is responsible for and controls loan terms, rates, fees, loan amount, terms of repayment, legal actions for late and non-payments, as well as cash transfer times.


APR Disclosure: An APR (annual percentage rate) refers to the specific rate at which loans accrue interest and is generally based on the cost, amount, and loan period, as well as the prescribed payment timing and dollar amounts. Any lender that offers loans to consumers must by law show a borrower the exact APR charged for the loan and all loan terms prior to the execution of any loan agreement. Certain states may have specific laws that limit the APR that lenders may charge any borrowers. The actual cash advance loan APR ranges from 200 percent to 1386 percent, whereas the APR for installment loans ranges from 6.63 percent to 225 percent. However, loans made in those states with no laws regarding APR limits for loans and any loans made by lenders that are not currently subject to state laws in these regards could carry even higher APRs. PLEASE NOTE: All APR rates on cash advance loans may be subject to change at any time.


State Regulations: Borrowers in some states might not be eligible to apply for some online loans. Additionally, loan services aren’t available to all jurisdictions or states.


Credit Implications: Lenders on can review a borrower’s credit history when making the lending decision. This process can involve contacting an applicant’s credit bureau to determine their credit aptitude, worthiness, and standing.


Loan Approval: doesn’t guarantee approval of any loan. This website is just a platform for linking borrowers and lenders. Therefore, the decision to approve or not to approve the loan depends on the lender.


Borrowers Beware: Short-term lending is intended to address financial needs for a short time; hence, it can’t be used as a long term solution. Short term loans come with some costs that may make a borrower’s financial situation worse. Applicants are advised to consult with a financial expert about the risks involved in taking a short term loan and the best alternatives.


By using, the User acknowledges that they’ve read and understood the Privacy Policy, Terms of Use, Rates, and Disclaimer.