Here’s something to think about: student loan debt in 2020 has reached approximately $1.6 trillion.
That’s a huge number and it’s only getting worse. Not only are new college students taking on debt, but many are unable to pay what they already have. It’s an absolute crisis that’s bogging down millions of people throughout the United States.
Fortunately, there are companies that are willing to help. And that’s where Student Loan Hero comes into play.
As a LendingTree brand, Student Loan Hero is currently helping more than 200,000 borrowers manage and eliminate more than $3.5 billion in student loan debt. While that’s only a fraction of the overall amount of debt (see above), it’s nothing to take lightly.
Help for Anyone with Student Loans
If you have student loans, regardless of the type or amount, it never hurts to learn more about your repayment options. This allows you to implement a strategy for paying down (and eventually paying off) your debt without it taking a massive toll on your finances.
With Student Loan Hero, consumers are able to create a custom repayment plan that answers questions such as:
- How do I qualify for a lower interest rate?
- What’s the best way to decrease my monthly payment?
- Is it possible to receive forgiveness on some or all of my loans?
Through Student Loan Hero, you gain access to a variety of help including the following.
Student Loan Refinancing
The higher your interest rate, the higher your monthly payment. So, it only makes sense to look into refinancing (especially if your rate is higher than average).
Student Loan Hero has compared banks and lenders from across the country to help you find the best interest rate and terms.
It doesn’t matter if you have private or federal student loans, you can shop around for a lower interest rate. Even a small improvement can have a big impact on your monthly payment and finances as a whole.
Refinance Parent PLUS Loans
Did you know there are more than 3.5 million Parent PLUS loan borrowers in the United States? Collectively, they have nearly $100 billion in debt.
Parent PLUS borrowers are often in good position to refinance their loans, as they typically have a steady income and long credit history.
Note: you also have the ability to refinance a Parent PLUS loan in your child’s name, which means you’re no longer responsible for paying it back.
Find a Student Loan
From scholarships to federal student loans to grants, there are many ways to pay for all the expenses associated with a college education.
However, there may come a point when you have no other option but to apply for a private student loan.
Don’t do so on a whim, as every loan has its own eligibility requirements, terms, and interest rates.
Student Loan Hero keeps a long list of recommended private student loan lenders.
Get the Help You Need at Student Loan Hero
If you’re a parent or student struggling with student loans or simply have questions, now’s the time to check out Student Loan Hero and everything the service has to offer. There’s a good chance you’ll find the guidance you’ve been looking for.
