Many people across America pursue the dream of a college education. While obtaining expertise in certain fields can bring numerous benefits, education comes at a significant financial cost.
The current student debt total in the U.S. stands at over $1 trillion, and this is taking its toll on people in terms of their mental well-being. One recent study indicates that over 60% of people are anxious that their student debt is out of control, to the extent that they suffer from various medical afflictions such as anxiety, depression and sleep disorders.
If you find yourself in this situation, there are some proactive measures that you can take to try and relieve some of the pressure.
Manage the load of your repayments
When feeling overwhelmed by debt, it is extremely difficult knowing what to do for the best. One common reaction is for people to ignore the problem, in the hope that it goes away. The reality is that your debt will follow you wherever you go, and it will only continue to pile up if not addressed directly.
The majority of creditors will be willing to consider a repayment plan. If you are open and honest about your financial situation, you might be able to come up with a plan that works for both parties. You don’t have to pay off lump sums in one go, you will generally be able to make repayments based on the amount of income you are receiving.
What can your employer do?
You may have pursued qualifications to land your dream job. Your education made you stand out from other applicants, and your employer chose you over everyone else. This means that you are valuable to the company. Some employers are more than willing to assist valued employees in settling debts from student loans. Even if this is not the case, a good employer will at the very least be able to help you obtain some advice.
Sometimes, no matter how hard you work, debt can land you in trouble. It is important to remember that this is not your fault and there are numerous legal options available to you.
