black people and money

The Money Coach Explains: How to Get Rid of Student Loan Debt

The Money Coach Explains: How to Get Rid of Student Loan Debt

by Vanessa Pagan

In a video done by Lynnette Khalfani-Cox from AskTheMoneyCoach.com , she states that the average student often has up to $23,000  or more in student loan debt upon graduation and many of them fall delinquent on their loans before they are even able to get a job. However, little do students know, there are numerous ways one can get rid of student loan debt, without having someone else pay it off for them.

Lynette goes on to state that when it comes to student loans, there are typically four different kinds:  The Standard Student Loan which the student must pay off in 10 years, the Extended Student Loan which gives the student up to 12 years or more to pay their loans, the Graduate Plan Loan and the Income Sensitive Loan.

Lynette also advises that students may also want to ask if their employers can help pay off their student loans. Many employers offer payment options to their employees in virtually any industry. Another way that students can rid themselves of their student loans is to apply for the Federal Student Loan Repayment program, in which the federal government helps pay off a student’s loan of up to $60,000 as long as the student applies to work for many of the different government agencies around the U.S.

You can check out Lynette’s video below:

 

 

black people and money

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