10 Signs Your Student Loans Are In Good Shape

10 Signs Your Student Loans Are In Good Shape

The old adage of two sure things in life has now become three. The first two in case you missed this, are somewhere along the line of death and taxes.  In this millennium a third has been added….student loans.

If you've read this far, you probably have student loans.  For most people, they're a cause of concern, angst and stress and in some cases anger and frustration.  When you think of your student loans does one of those emotions come up? Know that you are not alone.  There are also a small handful of graduates that are not experiencing these emotions and there is a reason why.  Their student loans are in great shape.  

Because we like you - you're a nice person - thought you needed to hear that today, we put together a checklist of signs that let you know that your student loans are in great shape.  It’s not a perfect formula and you may not have all of the signs, but if you have most of them you are probably in pretty good shape. Congratulations.

On the other hand, after you review this list and you see that you do not have a majority of these signs, don’t worry you're in the right place and we will show you what you need  to do.  So read through the list and see where you end up, so without further adieu, the list…..

#1 KNOW YOUR PAYOFF DATE

If you know your payoff date, you're in a great place. You know the day you will make the last payment and can finally raise your hands in victory, knowing that your monthly budget is free to be able to allocate those funds to another debt or financial goal.  We recommend that you go out for dinner and celebrate the fact that you have eliminated a major debt.

On the contrary, if you don’t know the payoff date, you may be a perfect candidate for consolidation, remember we said you're in the right place.

#2 YOUR PAYMENTS ARE REASONABLE AND AFFORDABLE

At the end of the money do you have a lot more month left?  It’s ok, we can help. You may qualify for several income-based programs that can reduce your payment to nothing.  If your payments are within your budget you may still want to look into some options to lower your payment or in some cases increase your payment.  We can help you to get the optimal payment you can qualify for or afford to pay.

#3 YOU HAVE FORBEARANCE TIME

The reason you have forbearance time is because you can afford your payment and no major life events have occurred to cause you to initialize forbearance.  Just as a quick tip, student loan servicers are eager and in some cases almost appear to sell you on the idea of using your forbearance time.  The reason is simple, while you are in forbearance, your loans still accumulate interest and it extends the life of your loan.

#4 YOU KNOW YOUR CURRENT STATUS

Believe it or not, some people don’t know whether they are in forbearance, current or quite possibly in default...YIKES!  If you don’t know your status it’s not the end of the world. Understand that we can assist in getting you back on the right track. We are here to help.

#5 YOU HAVE ONE PAYMENT AND ONE SERVICER

Recently it has not been uncommon to see graduates with student loans from multiple servicers.  One of the reasons for this is because you needed additional loans from additional sources to keep you in classes.  The institution or institutions you had attended had a vested interest in keeping you enrolled.  Consolidation can eliminate this and put your loans with one servicer and also give you one interest rate as well, we will explain this in more detail later.

We have given you a fair amount of information to digest.  If you have all five signs so far know that you are in great shape.  If you're not seeing these signs right now, click below and we will partner together and get you back on track.  Our next post will go over the next five signs to know that you are in great shape.

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