Navigating Student Loan Repayments

Navigating Student Loan Repayments

February 22, 2024

Student loan relief was nice while it lasted, but now, payments are back.

That means, a total of $1.63 trillion in debt will need to be repaid by 43.4 million Americans.1 

And it’s not just young people.

Take a look at how student loan debt affects everyone from Baby Boomer retirees to Gen Z’ers still making their way through college.2

Whether you’re paying off your own student debt or helping a friend or family member pay off theirs, keep in mind: 

You have options. 

Adding another monthly expense to your budget isn’t ideal, but there are actually several ways in which you can alleviate your student loan stress.

For one, if you're a teacher, nurse, government or nonprofit employee, or your school has closed (to name a few examples) you may already qualify for partial or full loan forgiveness.3

And even if the loans aren’t forgiven, you, or the person in debt, may still have the opportunity to switch to an income-driven repayment plan, which if approved, can sometimes result in no payment at all

But tackling student loan debt on your own can be a challenge, especially if you’re feeling bogged down by all the details. 

Here are a few way to tackle several tasks, for example:

  • Building loan payments into a budget
  • Refinancing loans for better rates 
  • Finding loan forgiveness programs
  • Big-picture financial planning

Paying off debt can feel overwhelming but setting small goals can help to minimize the daunting feeling of having a looming debt. 




Chart sources:

 Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor.  Stratos Wealth Advisors, LLC and Flagship Financial Advisors are separate entities. FORM CRS.