student loan counseling

Using Sofi to Negotiate Student Loan Balances

Student loan counseling is not for everyone. But for many students, it’s a necessity. Whether you have just graduated or you’ve been in school for years, student loan debt can be overwhelming. For one, it’s difficult to budget because of the high amount of interest involved. Second, sometimes there aren’t enough resources available to make paying back loans feasible.

A certified student loan specialist can: Clearpoint your student loans by thoroughly reviewing your student loans and determining payment plans based on your individual loan type. Explore repayment possibilities to ensure you know the pros and cons of every before making a decision. Develop a tailored plan to assist you in paying your bills off and assist you on your overall financial health journey.

It’s helpful to take a long, hard look at your student loans. Get rid of any excessive student loans you have such as credit cards and mortgages. Get rid of any loans with late payments due to circumstances beyond your control such as death or disability. If you have extra income, you may want to consider repayment options such as an installment plan, a fixed rate loan or forbearance. However, if you are experiencing financial difficulties, a student loan counseling service may be able to provide valuable advice and recommendations about your repayment options.

You may feel stuck between repayment options. With federal student loans, you can consolidate both federal and private loans into one easy payment. For most students, this repayment option is a loan consolidation plan. However, if you are considering private loans, some private loan consolidation companies do not allow federal student loans. This is something you’ll need to check with your private loan counselor.

Your student loan counseling service can help you decide which repayment option is right for you. Your student loan servicer is the person or entity that will evaluate your federal loans and set up a repayment plan for you. Your student loan servicer will work with you to obtain the best interest rate possible along with the lowest monthly payments. To find your own student loan servicer, you’ll want to go to the Lending Act website and enter in your student loan number.

There are a few things you should consider before talking with a student loan counselor about repayment options. First of all, if you’re having difficulty paying your student loans, you probably aren’t in a great financial situation. Be honest about what your finances are looking like and about your ability to pay. When you discuss repayment options, it’s important to remember to only provide your counselor with the accurate information.

Don’t tell your counselors that you can’t afford the repayments, just be truthful. Student loan counselors are trained to make money, not necessarily their clients’ repayment options. It’s best not to mention loans outstanding, federal student loans for instance, as this could cause a denial of service. Also, don’t mention credit card debt, credit lines closed or bank accounts in your dialogue with the counselor. It may seem like you’re trying to save money, but this could cause a delay in your repayment.

It’s best to take advantage of student loan counseling services when you have trouble paying your student loans. Your counselors will give you useful information about repayment, budgeting, and so forth. The last thing you want is to waste time with a lot of hard work paying off these loans only to get denied for repayment. In most cases, you can use sofi to negotiate repayment terms that are favorable to you, saving you money in the process. Talk with your sofi counselor today about how you can use sofi to improve your life and your situation.