Student loan debt is a major problem shared by millions of people across the United States. In fact, according to some estimates, outstanding current student debt stands at over $1.5 trillion. While this figure is staggering, it doesn’t mean that you can’t pay off your student loans. Below is some guidance to help you decide the right time to start making payments if you’ve been putting them off:

Look at Your Loan Agreement

When you took out your student loan, you will have received repayment terms. Take a look at these to see when you are supposed to officially begin paying back your loan money. If you can’t find a copy of these terms, contact your lender.

Contacting your lender is also a good idea because your terms may have changed recently. You will want an updated copy of these terms to know when you should start paying off your student loans. Student loan debt rules, regulations and laws have undergone several changes in recent years, and Covid-19 also caused shifts in repayment terms. Your lender may have adjusted your repayment schedule, so talk to someone from your lender’s office first.

Inquire About Income-Based Repayment

Some student loans can be paid back on a schedule that is determined by your income level. This type of repayment schedule usually lessens the monthly payment or total repayment amount for those with smaller incomes, but as income levels rise, so do payments.

Not everyone qualifies for this type of repayment schedule, and not all lenders offer income-based repayment. As a result, you’re encouraged to talk to your lender to find out if this is something you can take advantage of to get on an easier repayment schedule.

If You’re Having Trouble

Although paying back your student loans is a challenge many borrowers have faced in recent years, one of the worst things you can do is simply stop paying altogether. Instead, look for resources for student loans that can offer assistance during difficult times. Some resources for student loans can include consolidation or deferment programs that will bring debt to a manageable level.

Author Resource:-

Daniel Stewart writes about student debit cards and taking control of your finances services. You can find his thoughts at student payment card blog.