If You Have a Question About Your Student Loans, Ask It!
Don’t Be Afraid to Speak Up If You Have Questions About Your Student Loans
In a recent post, we talked about how important it is to speak up about student loans—don’t let the “conventional wisdom” of not talking about money keep you from helping out a friend. That applies doubly to yourself: if you have a question about your student loans, ask it! I can’t tell you how often I’ve heard borrowers say things like, “Well, I’ll just sort of figure it out eventually” or “I just assume that everyone has the same problem, so it’ll get resolved someday.” Unfortunately, the larger the debt, the harder the time we seem to have talking about it.
Real Life Rewards for Taking Action on Your Student Loans
Student loan balances can be so big that it’s almost hard for us to wrap our brains around them—like they take on mythical proportions—so we have a hard time imagining realistic ways to tackle them. Too often, we have clients that come to us only after they second guess a choice they made with their student loans, such as changing repayment plans. We’ve even had clients ask for help refinancing their student, only to realize that they could have qualified to have those loans forgiven! Taking swift action on your student loans is perhaps more important now than ever as the Biden Administration continues to make reforms to the student aid system, and some of it time-sensitive—such as the Limited Waiver Opportunity that expired last fall.
Fear of Missing Out on Student Loan Opportunities
The unfortunate consequence of failing to ask important student loan questions could be missing out on opportunities to save serious money. Losing a chance for PSLF, for getting on the right repayment plan, for special government programs, or for the right refinancing offer could be expensive, and sometimes you don’t get a second chance! To make matters worse, student loan servicers are rarely forthcoming with ways for their clients to save, sometimes even misleading them to deter from valuable opportunities. Even if you get initial positive feedback from your servicer, you also can’t rely on them to reply with timely information. It’s not uncommon for a servicer to say a borrower qualifies for something—a refund, for example—then be silent about it for months, perhaps never following up at all!
If you have questions about your student loans—or even don’t know where to start!—give your student loan professional a call. We’re here to guide you through the process, and to know all the gnarly twists and turns so you don’t have to! Navigate will even join you on a call to your servicer to make sure the right questions are asked, accurate information is received, and sometimes we even have to educate the loan servicers! If you have questions, don’t miss out, don’t wait, and don’t stress.
If you have Federal Student Loans, schedule your free 15-minute Discovery Session to find out if your loans can be forgiven after 25 years.