7) Never default on your loans
If you default on your student loans, you could lose access to government benefits such as Social Security, food stamps and Pell Grants. Defaulting on a loan is also considered a black mark against your credit report that can last for up to seven years, affecting your ability to get a car loan or mortgage. If you don’t have any other way of paying off your loans and can’t reduce or defer them, there are options for dealing with it through an income-based repayment plan.
8) Explore Public Service Loan Forgiveness
If you’re interested in helping others while also working toward your own financial goals, consider student loan forgiveness through Public Service Loan Forgiveness (PSLF). Under PSLF, you can have all federal loans forgiven after 120 qualifying payments over 10 years. That amounts to about $20,000 of debt relief for a typical borrower. If you qualify for Public Service Loan Forgiveness (PSLF), then your debt will be 100% forgiven after 10 years.
