7 Tips and Tricks for Dealing with Student Loan Debts in the State of Texas


Here are few smart tips and tricks to help you deal with student loan debts in Texas.

1. Get to Know Your Loans Well: It will be difficult for you to manage your student loan debt properly unless you know exactly what and how much you owe and how it must be paid back. Keep close track of what the balance is for each of the loans taken, when they are due and where the money needs to be sent. Signing up for an electronic payment (if your lender offers) can always be convenient as that is a sure shot way to make sure you are never late which will help save the hassle of paying fines.

2. Become Organized: Make sure you set up and organize your loan files. Store all the emails regarding loans in a separate folder and make sure you read them thread bare. Keep copies of signed documents in multiple places for the sake of safety.

3. Make Sure You Pay up the First Payment: A lot of the student loans generally come with a grace period – which is the period of time just after you leave school and when you needn’t pay up immediately. These grace periods generally last between 6 and 9 months. But this again varies based on the kind of loan you take. A lot of student loan borrowers end up paying fines because they are not aware when this grace period ends. Just a simple marking on the calendar can save you a lot of trouble and money.

4. Choose the Best Repayment Plan: Once it’s time to pay back student loans, you will most likely be shown a variety of payment options – right from 10 year plans to options based on your income. You can learn about the plans that are available for all the loans and pick the option that will let you get out of debt as soon as possible without stifling you.

5. Learn about When Student Loans Can Be Forgiven or Canceled: When there are extreme hardships or if the student works in public service, you can qualify for partial or even complete cancellation of the loans. It’s not easy to meet the conditions needed for such a thing, but knowing the rules and conditions can always be helpful.

6. Pay up the High Interest Debts First: When you have loans that have different rates of interest, focus on paying up the costlier loan first and do not skip considering the other debts. It’s better to get rid of the debts coming from credit card debts and then focus on high interest debts next. You can catch up on texas lenders later on.

7. Try Your Level Best to Avoid Defaulting: When you default in paying back the loans, it can pile up to a lifetime of financial issues, right from lawsuits to messed-up credits, you will be forced to face some if not all. Usually federal loans go into default mode once you cross 9 months but private loans go into default mode even with a single bill being left unpaid.

Keep these tips in mind, and you will save yourself a lot of trouble and be able to live free of loans soon.

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James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance. He has an active schedule of TV and radio interviews He is co-host of the popular VT Radio show Jim and Gordie Show. latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers. He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon. Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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