Empowering Student Loan Borrowers: Taking Control of Your Debt

Introduction: Student loan debt can often feel overwhelming and isolating, but you are not alone. The National Alliance on Student Loan Debt (NASLD) is here to support and empower you on your journey towards financial freedom. In this blog post, we will explore some examples, thoughts, and tips to help you take control of your debt and join the vibrant and inclusive community fostered by NASLD. 1. Educate Yourself: The first step towards taking control of your student loan debt is to educate yourself about your options. NASLD provides low-fee education and consultation services to its members. Take advantage of these resources to understand the terms of your loans, repayment options, and any potential forgiveness programs that may be available to you. Knowledge is power, and by understanding your rights and options, you can make informed decisions about your debt. 2. Make Sure your Loan is being Serviced Properly: Servicers are struggling with the return to repayment. Numerous errors are being found on student borrower accounts. Do your due diligence and make sure that they are doing right by you. Contact the Consumer Financial Protection Bureau (CFPB) if necessary and have them do an audit of your account. Sometimes numerous reports need to be made in order for them to actually make changes. Don't be afraid to advocate for yourself. 3. Explore Repayment Options: Depending on your financial circumstances, you may be eligible for various repayment options. Federal loans offer income-driven repayment plans that adjust your monthly payments based on your income and family size. Private lenders may also have flexible repayment options available. Contact your loan servicer or consult with NASLD for guidance on finding the best repayment plan for your situation. 4. Seek Support: Joining the NASLD community provides you with a network of individuals who understand the challenges of student loan debt. Engage in conversations, share your experiences, and seek support from others who have been in your shoes. NASLD organizes events and provides a platform for success stories, allowing you to learn from others who have successfully managed their debt. Remember, you are not alone, and together we can overcome the burden of student loan debt. 5. Take Advantage of Scholarships and Sliding Scale Options: NASLD understands that not everyone can afford the monthly membership dues. They offer a limited number of scholarships and sliding scale options for those in need of financial assistance. Don't hesitate to reach out and explore these options if you require additional support. Conclusion: Taking control of your student loan debt is a journey, but with the support and resources provided by NASLD, you can empower yourself to overcome the challenges. Educate yourself, create a budget, explore repayment options, seek support, and take advantage of available scholarships and sliding scale options. Remember, you are not alone, and by joining the NASLD community, you can find the support and encouragement you need to achieve financial freedom. Together, we can build a brighter future, free from the burden of student loan debt.