The three options for repaying your Student Loans.

When it comes to Student Loans, you only have three choices to get rid of them, but if you feel that what you have been doing so far is not moving you fast enough towards your goal. Take a look at the options available.

Pay them off with accrued interest.

No surprises there, right? You could do it by making fixed monthly payments for 10 to 25 years (Assuming that you don’t use a single month of forbearance or deferment). Another choice is Graduated payments which go up every two years for the same 10 to 25 years, and you will pay even more interest (Like they are not collecting enough already). You will pay back a significant amount additional to what you originally borrowed.

Active Wage Garnishment and or Tax Offset.

When you don’t pay your loans and don’t take any action, you will eventually pay them through AWG (at a 22% interest rate). Depending on your loan balance, it could take a long time, and they will take 15% of your discretionary income straight from every paycheck you earn and tax return that you file. These are both not good options.

Partial or Total forgiveness. There are programs like Teacher loan forgiveness and Public Service Loan Forgiveness that can forgive your loan balance but are not quick and easy like some companies might portray. You must follow specific requirements for years in both programs.

The reality is that the loans will be paid off one way or the other. It will come out of your pocket or through a federal program.

As a Public Schools-approved vendor and an A+ Rated company with the BBB, we’ve helped over the years thousands of school teachers, administrators, and all types of public service workers from across the country learn what options are the best for them. TSLHG also enrolls them in these programs and tracks their progress so one may complete them successfully.

Ryan Gutzeit is the founder and president of TSLHG He and his team have spent the last decade helping borrowers better understand their student loan repayment and federal forgiveness options. By educating borrowers, Ryan and the rest of the TSLHG team have saved thousands of borrowers from overpaying on their loans and helped them get debt-free faster.