Options For Handling Student Loan Debt - WSPA.com

Options For Handling Student Loan Debt

Posted: Updated:

For many students, it's the only way to get a higher education. Tip Nathan says it took him more than $10,000 in student loans to get his degree.

And two years ago, it got even harder when he lost his job and he stopped paying.

"Electric bill, trying to get a new place to live because you weren't able to pay that first, that whatever month's rent it was," said Tip. "Other things take precedence over student loans."

That changed in January when the loan company started garnishing his wages from his new job. Tip says now, getting back on track with his loan servicer seems impossible.

"They have not called back," said Tip.

USC Upstate Financial Aid Director Allison Sullivan says missed or late payments can put you in default, which can impact your credit, your loan's interest rate and even your ability to get a job.

Sullivan says the key is knowing who services your loan.

"They will get a lot of information in the mail from servicers that they may think is their servicer but it may not be. So it's really good to know," said Sullivan.

And notify that servicer about any financial changes immediately. You may qualify for loan consolidation, an income based repayment plan or forbearance.

"It's just delaying those payments," said Sullivan. "You can delay them for up to 36 months so it doesn't have to be all at the same time."

Otherwise once you're in default, Sullivan says it's much harder to get out.

Just ask Tip.

To help, we called his loan servicer. A few hours later, Tip finally got his call back and is now on a repayment plan he can afford.

"I was just really surprised," said Tip. "I was just really happy that somebody heard me."

Tip says the company set him up on a loan rehabilitation plan. And once he makes the first payment, the wage garnishment will stop.

If you have student loan debt, make sure you keep track of who's servicing your loan because it can change over time. The National Student Loan Data System can help you determine that.

If you fall into financial trouble, call the loan servicer immediately to check your options.

And keep track of payments you make for your records.

  • Most Popular StoriesMost Popular StoriesMore>>

  • National Education Study Ranks NC In Top 10

    National Education Study Ranks NC In Top 10

    Tuesday, July 29 2014 11:51 AM EDT2014-07-29 15:51:32 GMT
    A study published by the American Legislative Exchange Council has ranked all of the states in the US in terms of education.
    A study published by the American Legislative Exchange Council has ranked all of the states in the US in terms of education.
  • Instagram page inspires travelers to post topless photos

    Instagram page inspires travelers to post topless photos

    Monday, July 28 2014 6:10 PM EDT2014-07-28 22:10:56 GMT
    Yosemite National Park, CA, "Topless Tour" Instagram photoYosemite National Park, CA, "Topless Tour" Instagram photo
    A popular Instagram page is featuring a unique look at scenic locations around the world."The Topless Tour" encourages people to upload topless photos of themselves posing in scenic landscapes.
    A popular Instagram page is featuring a unique look at scenic locations around the world."The Topless Tour" encourages people to upload topless photos of themselves posing in scenic landscapes.
  • Girl, 9, hit by plane on Venice beach dies from injuries

    Girl, 9, hit by plane on Venice beach dies from injuries

    Tuesday, July 29 2014 4:45 PM EDT2014-07-29 20:45:10 GMT
    Ommy Irizarry with daughter Oceana - Courtesy InstagramOmmy Irizarry with daughter Oceana - Courtesy Instagram
    9-year-old Oceana Irizzary, who was critically injured in the plane crash off Caspersen Beach in Venice on Sunday afternoon, has died.
    9-year-old Oceana Irizzary, who was critically injured in the plane crash off Caspersen Beach in Venice on Sunday afternoon, has died.
  • Most Viewed Stories on WSPA.com

  • Top StoriesTop StoriesMore>>

  • Experts Say "Concussion Law" Is Working

    Experts Say "Concussion Law" Is Working

    Tuesday, July 29 2014 6:34 PM EDT2014-07-29 22:34:27 GMT
    On the day the NCAA settled a $70 million class-action head injury lawsuit, scores of high school coaches from across the state gathered at the TD Convention Center to discuss the upcoming season. One of the discussion topics: concussions.
    On the day the NCAA settled a $70 million class-action head injury lawsuit, scores of high school coaches from across the state gathered at the TD Convention Center to discuss the upcoming season. One of the discussion topics: concussions.
  • New Standard for Teaching Evolution in SC Gets Approval

    New Standard for Teaching Evolution in SC Gets Approval

    Tuesday, July 29 2014 6:27 PM EDT2014-07-29 22:27:02 GMT
    An education panel discusses the new evolution standard Tuesday.An education panel discusses the new evolution standard Tuesday.
    South Carolina biology teachers would be using a new standard for teaching evolution, after a joint education panel approved a change Tuesday.
    South Carolina biology teachers would be using a new standard for teaching evolution, after a joint education panel approved a change Tuesday.
  • Tax-Free Weekend This Friday In SC, GA

    Tax-Free Weekend This Friday In SC, GA

    Tuesday, July 29 2014 5:45 PM EDT2014-07-29 21:45:08 GMT
    Back to school savings---even if you're not a student, you can score big deals this Tax Free Weekend.Back to school savings---even if you're not a student, you can score big deals this Tax Free Weekend.
    Back to school savings--even if you're not a student, you can score big deals this Tax Free Weekend.
    Back to school savings--even if you're not a student, you can score big deals this Tax Free Weekend.

Powered by WorldNow

250 International Dr.
Spartanburg, S.C. 29303

Telephone: 864.576.7777
Fax: 864.587.5430
Email: webmaster@wspa.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.