[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.fight13.com\/tips-for-handling-student-loan-debt#BlogPosting","mainEntityOfPage":"https:\/\/www.fight13.com\/tips-for-handling-student-loan-debt","headline":"Tips for Handling Student Loan Debt","name":"Tips for Handling Student Loan Debt","description":"Student loans allow more people to go to school and seize the opportunities that will get them further in life. However, they are also just like any other kind of debt. They typically start as a very big debt and, when they go unpaid, can become even more monstrous. When...","datePublished":"2019-11-04","dateModified":"2025-09-19","author":{"@type":"Person","@id":"https:\/\/www.fight13.com\/attorneys\/matis-h-abarbanel#Person","name":"Matis Abarbanel","url":"https:\/\/www.fight13.com\/attorneys\/matis-h-abarbanel","identifier":55,"image":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-96x96.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2025\/09\/matis-abarbanel_avatar-96x96.png","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Loan Lawyers, LLC","logo":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/icon-logo.png","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/icon-logo.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/understanding-student-loans.jpg","url":"https:\/\/www.fight13.com\/wp-content\/uploads\/2020\/03\/understanding-student-loans.jpg","height":748,"width":1000},"url":"https:\/\/www.fight13.com\/tips-for-handling-student-loan-debt","about":["Student Loans"],"wordCount":1281,"articleBody":"Student loans allow more people to go to school and seize the opportunities that will get them further in life. However, they are also just like any other kind of debt. They typically start as a very big debt and, when they go unpaid, can become even more monstrous. When people don\u2019t pay back this debt, it can lead to lawsuits, wage garnishment, and more, also just like any other type of loan. The best defense, of course, is to keep the loan on track before you find yourself in hot water. Below are a few tips to help you do just that.Understand Your LoansMany students understand that they have massive loans hanging over their heads. They may even know the total amount of those loans. Too many though, don\u2019t understand the nitty-gritty details. It\u2019s important to not only understand how much the loans are but also when payments are due and how to make those payments.It\u2019s also a good idea to understand if the lender offers an automatic payment option so they can just take the money out of your bank account every month. If they do, it\u2019s a good idea to sign up for it. These options will ensure you\u2019re never late on payments and could even help you qualify for a lower interest rate.If you don\u2019t know the basic details of your loan, call your lender or your loan servicer and keep asking questions until you\u2019re very clear about the terms and conditions.Keep Them OrganizedWhen people start to lose sight of the details of their loan, it\u2019s often because they haven\u2019t kept the loan and all its paperwork organized. Keep one hard copy file for all the paperwork you receive in the mail about your loan. Also keep a folder on your computer for any electronic files, such as receipts for the electronic payments you\u2019ve made. Read everything you receive about your loan and make sure you understand what those documents say. Lastly, always make sure you make copies of any important documents pertaining to your loan, particularly if you\u2019ve signed them.Know When Your Grace Period EndsMost student loans don\u2019t come due the day you graduate. Instead, lenders often provide a grace period in which you\u2019re not required to make any payments. The theory behind this grace period is that hopefully, you will get a job and then have the ability to make those payments. Most grace periods last for six to nine months, while others may extend up to one year.Too many borrowers miss their first payment because they aren\u2019t aware of when their grace period ends. As soon as you learn of your payment due dates, mark them on your calendar. Even if you never receive a notice from your lender, you\u2019re still required to make your payments on time. You certainly don\u2019t want to start out repaying your loan by already being behind on the debt.Choose the Best Repayment PlanMany student loans have a variety of repayment options. Some will offer extended plans based on your income, along with a 10-year plan that is fairly standard. It\u2019s important to research these plans and choose the one that is best for you. Ideally, you\u2019ll choose the plan that will help you repay the loan and get out of debt as soon as possible. However, that\u2019s not always possible.Many experts agree that you shouldn\u2019t spend more than eight to 10 percent of your income repaying student loans. That\u2019s a good guide to go by at first, but if you can\u2019t spend that much try to find a repayment plan that will allow you to make smaller payments over a longer period. Of course, if you can afford to spend 15 percent of your income on repaying student loans, this will certainly help you get out of debt even faster.Determining how much to repay on your loan every month isn\u2019t easy. The U.S. Department of Education\u2019s website has a Repayment Calculator that can help make it easier to determine how much you can afford.Repay Debts with High-Interest FirstJust like with any other type of debt, when repaying student loans you should always start with the one that has the highest interest. Don\u2019t put more towards your student loan than you have to every month if they are only collecting eight percent interest while you have a credit card that has a 20 percent interest rate. Pay only what you need to on the loans with the lower interest rate and focus on getting rid of any loans with a higher rate.Know if You Qualify for Forgiveness or CancellationSometimes, lenders are willing to forgive a certain amount of your student loan. Other times, such as if you\u2019re experiencing extreme hardship, they may cancel the loan entirely. There are very strict conditions you\u2019ll have to meet to qualify for either of these but, if you do, it can be well worth it.Click here to learn what you can do if you cannot afford to pay your student loans.Do Everything You Can to Avoid DefaultIf you default on your loans it could result in anything from ruined credit to wage garnishment. Federal loans usually slip into default after you\u2019ve missed payments for nine months while private loans are often considered to be in default if you miss just one payment. There are many options to help ensure this doesn\u2019t happen, such as forbearance, deferment, or repayment plans that are more flexible. Talk to your loan servicer or lender about these to ensure you don\u2019t find yourself in more trouble.Call a Florida Debt Defense AttorneySometimes, you work really hard to stay on top of your loan repayments, but it just doesn\u2019t work. When that\u2019s the case, your lender will probably take action, so you need the help of a Fort Lauderdale debt defense lawyer. At Loan Lawyers, we know how to defend against lawsuits and wage garnishments and we\u2019ll put our experience to work for you. If a lender has already started legal action, call us today at (954) 523-HELP (4357) for your free consultation to learn more about how we can help.Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 2,000 homes from foreclosure, eliminated more than $100,000,000 in mortgage principal and consumer debt, and have recovered over $10,000,000 on behalf of our clients due to bank, loan servicer, and debt collector violations. Contact us for a free consultation and find out more about our money-back guarantee on credit card debt buyer lawsuits, and how we may be able to help you.About the AuthorLatest PostsMatis AbarbanelMatis Abarbanel is the founding partner and senior attorney at Loan Lawyers in South Florida. He focuses his practice on consumer rights, helping homeowners navigate issues such as foreclosure and financial hardship. Matis also brings a wealth of experience from his previous work in personal injury law. As a devout Chasidic Jew, he is committed to making a positive impact in his community and dedicates his efforts to charitable initiatives through his non-profit organization, The Center, which aids at-risk Jewish youth. Matis actively serves clients across South Florida and is passionate about empowering individuals to secure their rights and achieve a better future.When Foreclosure Errors by Lenders Lead to Legal Remedies for Homeowners in Fort LauderdaleWhat Homeowners Can Do When Loan Documents Contain Forged or Altered SignaturesUnderstanding Florida\u2019s Debt Forgiveness Programs and IRS Rules"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Tips for Handling Student Loan Debt","item":"https:\/\/www.fight13.com\/tips-for-handling-student-loan-debt#breadcrumbitem"}]}]