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Students’ Loans challenges and Solutions

Common Students’ Loans challenges and Their Solutions

Funding college education has become so costly nowadays because of the high costs of living and other economic factors. Parents have therefore turned to students loans in a bid to fund the college education. Due to the rising number of college students in need of these loans, they encounter many students’ loans challenges along the way.

Another reason for the increase in the number of people with student loans is that most governments have not increased the grants and student funding since the 20th century despite the increase in the cost of education. This article will discuss the students’ loans challenges that you are likely to encounter and give you a solution.

  1. Abusive collection tactics

The loan collecting agencies can sometimes go overboard with the debt collection activity. One of the reason is that the debt collector knows that the debtor may be confused and feeling guilty, and the harsh ones end up taking advantage.


Dealing with a tough debt collector can be hard sometimes because how tough some of them can get. Experienced debt collectors have encountered all kind of debtors, and they have learned to use underhand techniques to achieve their objective. Here is what you should do when you are faced with these students’ loans problems.

Know your rights: there are rules preventing debt collectors from taking advantage of you so be aware of them. There are limits to what the debtor collector can do while trying to get you to pay up. Don’t the debt collection agencies harass you as long as you have not refused to pay up?

Fight back: when you know your rights as a debtor, you should make this step when you encounter a harsh debt collector. Never allow the collector to intimidate. There are legal procedures you can take like reporting him to the consumer attorney for assistance.

Seek legal aid if necessary: when you try to fight back it bears no fruits, this is the next step to take. Sometimes it can get to a point where you cannot handle the debt collector by yourself. You have the right to hire a lawyer if you feel this way. Lawyers are experienced in so many fields, and they will offer the best solution.

Finally, you can try to be nice. This trick always works when you are dealing with a debt collector. Even if they had come prepared for war, how you treat him or she can influence how he treats you.

When the debt collecting agency calls, do not ignore the call pick up and explain yourself if it indeed you have a student’s loan. Not being defensive and trying to cooperate with the debt collector is also a wise idea. They will treat you better when they realize that you are willing to work with them.

  1. Lack of employment

After leaving college, getting a job is not easy especially when you do not have enough leads. This contributes to many students’ loans challenges among many graduates. Many years of finding work can result in delays in repaying your student loan and lack of finances,

When you encounter such challenges here is a solution

One of the effective ways to deal with the unemployment issue is asking for an unemployment deferment. If you are not eligible for this, you should consider inquiring for the economic hardship deferment. These will ensure that your loan interests do not go high and that you do not get penalties from your lender.

When the above fails, the remaining option is to come up with a plan and strategy to help you pay the loan. Negotiating with your lender can be tough because all they want is you to pay up. A successful way to do this is to make commitments with the lender instead of just saying you will pay up.

  1. Forgetting to pay your loan in time

Due to the hustles of this life, you might forget to pay your loan in time. This is not good for you because it might attract penalties. If you are too busy, and you keep, forgetting the dates that you are supposed to pay your loan here is a solution for you

  1. Consider electronic payment options such as direct debit. However, do not pay a debt collector through money transfer unless you understand the proof of payment you will receive. One disadvantage is money transfers can be expensive and risky.
  2. Consider using services that allow your bank to deduct the money you are supposed to pay from your account to the lenders account. This will ensure that you will not miss the time you are expected to pay your loan.
  3. Transferring to a new school

Sometimes circumstances can force you to move from one college to another. This might affect your loan status especially if they used to send the money directly to your school. What do you do when you have such students’ loans problems?

Notifying your lender of these changes is the first thing you should do. It may be through a call or a letter. Tell them that you are still in school then ask the school you transferred to verify whether this is true. You will keep your loan status and the loans from your old school will be transferred to your new school.

  1. High monthly payments

Sometimes students loan lenders demand students to pay a certain amount of money every month to pay their loan. If your salary is not good, you may find this hard apparently, because you are still paying other bills, and you are yet to land a well-paying job. If you are facing such students’ loans challenges here is a solution that you can make use of

Consider other payment methods. If you cannot afford monthly payments maybe because of the nature of your job, negotiate with your lender to pay your loan in a lump sum may be at a specified date.

In conclusion, students’ loans challenges can be a bit nerve wrecking if you do not know how to go about it. The above solutions can be of help to you.

However, no matter how many students’ loans challenges you have do not make the mistake of borrowing so that you can pay the loan. That is like postponing these problems to the future.

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