There was a time when applying for financial aid for university or college meant applying for grants and scholarships that didn’t need to be paid back. There isn’t as much of that type of funding available today. Even when it is available, it doesn’t usually cover the full costs.
Student loans are what most people have used to help them finance their way through university. They’re fairly easy to secure, and they don’t have to be paid back until after you leave college. Their interest rates are also usually lower than you would pay on other loans. They are a good deal for students.
Unfortunately, you may be in the situation that many others find themselves in after their education has come to an end. Starting pay at the job you’ve secured (if you have one) isn’t what you hoped it would be. In addition, you probably are dealing with a lot of other living expenses that you could not possibly have predicted at the time you took out your student loans. Many people start out college single and carefree, and then come out of college married and perhaps having children to support. They usually have added a car payment to their cost of living and a more expensive apartment or the purchase of a home. All these things can easily consume an individual’s pay check and leave little left for paying off student loans.
As we said, if you find yourself financially strapped because of student loan payments that you can’t afford, you are not alone. Plenty of others are finding themselves in the same situation. Many of them are our clients. We are helping them find solutions that can resolve their lopsided financial situation and put them back on track. Contact us and let ‘s discuss how we might be able to help you too.