Sense & Centsibility Blog

My Student Loans Seem Fine. Do I Really Need a Student Loan Counseling Session?

So you're going along fine paying your student loans. You can afford the payments and just need to wait it out until the loans are finally paid off. However, there may be other aspects regarding your student loans and general finances you aren't aware of that could help you right now. Here is what LSS's student loan counseling can help you with:

  1. Consolidation

    If you have multiple loans you may be able to consolidate those loans so that they have the same interest rate...and sometimes a lower one at that. Plus, it's a whole lot easier dealing with 1 monthly payment instead of multiple. And you may even get a little bit smaller payment to make that debt more affordable moving forward. LSS counselors will help you determine which loans you can consolidate and will help with the consolidation process.
  2. Job-related loan cancellation

    Young personIf you are in a qualifying job and make 10 years of payments while working in that job, you may be eligible to have your remaining student loan balance cancelled. But you're only eligible in certain repayments plans. Meeting with an LSS counselor is helpful so that you're not trying to figure everything out on your own, including the required documentation.
  3. Different repayment plans

    There are multiple repayment plans from income-based to standard to graduated. Our counselors will help you determine which is the best and most affordable plan for you.
  4. Deferment or forbearance options

    Did you know that if you have a hardship come up that you may be able to temporarily stop making payments on your student loans?  Depending on what's going on, our counselors can coach you on which is applicable to your situation. And they'll be able to tell you if your loans will continue to accrue interest or not while in deferment or forbearance.
  5. Realistic budget

    While most of us have an idea of what we take in versus what we spend each month, not having a budget can make financial stability tough. Plus some months fluctuate quite a bit depending on the time of year or periodic expenses that come up, like vehicle tabs or maintenance. LSS can help you create a realistic spending plan so that you're more prepared for both on-going and unexpected expenses.
  6. Better repayment option for credit cards

    More than half of Americans don't have $400 in savings in case of emergency, which often leads to building up balances on credit cards. By meeting with an LSS counselor, you will come away with a plan to avoid using credit cards that you can't pay off. Along with that, you can talk with an LSS counselor about a debt management plan that for most is the best and fastest way to pay off credit card debt. Not to mention you'll save a bunch of money in interest.
  7. It's FREE

    The best part about our student loan counseling service - besides our excellent counselors - is that it's FREE. So give LSS Financial Counseling a call at 888.577.2227 for your free, confidential session. Let us help you make sure you're on the right track to paying off your student loans in the best and fastest way possible for you.

Author Elaina Johannessen is a Program Director with LSS Financial Counseling.