Student loan debt has been a hot topic in recent years. The Biden Administration promised substantial debt relief for students, but these efforts were blocked by the courts. The United States Supreme Court will begin hearing arguments on this issue in late February 2023. Until these debt cancellation provisions are resolved, there are some ways you can work on eliminating your student debt in Tennessee. Check out these seven strategies for eliminating student loans from a TN student debt attorney at Fitzgerald & Campbell, APLC.
1. Student Loan Forgiveness
Many federal programs exist for federal student loan forgiveness, and these predate the current proposed loan forgiveness tied up in federal courts. Visit the federal student aid website to investigate the different options and to see if you qualify. You could have some or all your remaining student loan debt forgiven. Some of the available programs include:
- Public Service Loan Forgiveness
- Teacher Loan Forgiveness
- Closed School Loan Discharge
- Perkins Loan Cancellation
- Disability Loan Forgiveness
- Death of the Borrower Loan Forgiveness
2. TN Student Loan Forgiveness
Some programs exist in Tennessee that can forgive student loans. These either pay a portion of your tuition while obtaining a degree or help eliminate an existing loan.
- Minority Teaching Fellowship
- Graduate Nursing Loan Forgiveness
In addition, the Tennessee Promise Scholarship can provide additional funding to pay toward an undergraduate degree after other forms of aid have been utilized.
3. Refinance Student Loan Debt
Refinancing your student loan debt can often net you a smaller interest rate and payment, making it easier and quicker to pay off your student loan debt. This can be a good option if you have multiple student loans; they can be consolidated into a single loan with lower payments and interest, sometimes cutting years off your loan term. Of course, steady employment and a good credit rating are essential for refinancing your student loans.
4. Make Extra Payments
Of course, the old-fashioned way of making extra payments can accelerate your debt repayment and get you out of debt faster. Even paying some extra each month can help – most loans allow anything above the regular monthly payment to go directly on the principal amount owed, reducing your overall debt and saving you on interest.
5. Start a Side Hustle
If student debt is hampering your plans, start a side job to earn extra money and apply these funds to your student loans. Many opportunities exist in the gig economy to earn extra money. And who knows – you may discover a new career option you wish to pursue. Possible options include:
- Freelance writing
- Rideshare services
- Food delivery
- Courier services
6. Work for a Company that Offers Student Loan Assistance
Many companies have realized the value of helping their employees obtain a better education and offer tuition assistance or loan forgiveness. And, it’s not just large corporations like Google that offer this perk; even some major fast-food chains offer tuition assistance. Check with local industries and job placement services across Nashville and the surrounding areas to see which ones offer student loan assistance. You may be surprised at who is willing to help you pay for your education.
7. Get Help from a Student Debt Attorney in Franklin
If you feel as if you are drowning in student loans, an experienced student debt attorney in Franklin from Fitzgerald & Campbell, APLC can recommend other possible courses of action. Our debt settlement specialists can help you negotiate amicable and helpful arrangements to make your load lighter while satisfying your debt repayment requirements.
In light of the pending student debt forgiveness measures being debated in the courts, we recommend holding off on any major actions with your student loans. However, if actions are being taken against you to collect on student loan debt, we can help now. Contact our office in Franklin to schedule a free consultation to discuss your student loan debt situation and get the help you need.