After a three-year pause, over 43 million Americans who have student loans are required to resume repayments in October. For many, adding a large expense to their monthly budget will make it difficult for them to buy homes, start businesses, and save for retirement. Foregoing monthly payments has become a serious consideration by many borrowers. While forgoing monthly payments may seem like a temporary solution, it is important to remember that the interest will continue to accrue, making the loan more difficult to pay off in the long run. There are a number of options available to borrowers.
“The student loan debt crisis is a serious problem for Texas families and businesses,” said Christina Randell, President of My Education Solutions. “We need to find ways to help individuals make their payments and get out of debt so they can focus on building their lives and contributing to the economy.”
“Choosing to not make a monthly payment will have strong repercussions in the long term. For example, the average interest rate for a federal student loan is 6.25%. An individual with a $60,000 student loan balance will accrue $3750 in interest in just one year,” said Randell. “It’s best that they just start paying to work down the balance owed.”
For those who are worried about the additional expense to their monthly budget, Randell stresses the importance of researching the options available: Loan Consolidation, Income-driven repayment (IDR) plans such as the SAVE plan, and Student loan forgiveness programs and waivers.
For busy professionals pressed for time and seeking to reduce the amount of their monthly payments, there is another option. Over 4,000 Clients have already turned to My Educations Solutions, a Student Loan Management Firm based in San Antonio. Founded in 2015, her company helps individuals navigate the complexities of the student loan industry. By listening to everyone’s unique situation, they can find the right Forgiveness program for them.
“We provide a service to help Clients understand their options and make informed decisions about their debt, plus we save them from having to deal with their loan Servicers by managing their loans on their behalf. The government and loan Servicers are trying to keep up. The average wait time for MOHELA is 45 minutes. Mistakes can be made,” said Randell.
“We’ve already helped Clients who’ve been initially enrolled in the wrong program, payment amounts being incorrectly reported, and past payments not credited correctly towards a forgiveness program. Our Advisors audit the accounts monthly to catch Servicer errors and work with them to rectify the problems for our Clients, saving them time, and money.”
“I was initially stressed knowing that I needed to make repayments this year. I was worried about being able to afford my monthly payments and still pay my other bills. My Education Solutions helped me understand the public loan forgiveness program and how to qualify for an affordable monthly payment and potential forgiveness after a certain amount of time,” states Chelsey Hernandez, a Texas resident who has a student loan balance of $27,000 remaining.
My Education Solutions’ has helped 462 Clients receive complete student loan forgiveness from the government, saving them an average of $88,247 as of 9/28/23.
According to the U.S. Department of Education, the total outstanding federal student loan debt is $1.6 trillion. The resumption of student loan repayments on October 1st is a significant event for millions of Americans. This is an opportunity for them to make progress on their debt and improve their financial situation. By taking the necessary steps to prepare and seek a student loan management firm to handle their programs, they can achieve their financial goals.
My Education Solutions is a Student Loan Management Firm that helps individuals nationwide and internationally achieve student loan freedom. They offer live support and assistance in navigating the complex student loan repayment and forgiveness processes.
If you would like more information on this topic, please contact Meisie Beauvais at MBeauvais@MyEduSolutions.com or call 210-686-2845.
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