Among Americans, more than 45 million student loan borrowers still owe at least a portion of what they borrowed. Today’s average student-loan debt for a college graduate is slightly more than $40,000 and, collectively, the total for student-loan debts in the US exceeds $1.5 trillion.
This debt total surpasses all types of household debt other than mortgages. Nearly 25% of federal borrowers are in default or struggling to stay current on their student loans. But when they fall behind on their payments, the consequences are dire: negative credit reports, wage garnishment and diminished options to cure defaulted loans.
For South Florida residents seeking to repair credit scores damaged by student-loan debt, the credit experts from True Credit Repair are here to help. We also do more than assist those saddled with sizable student-loan burdens. True Credit Repair also can find remedies for customers facing late payments, charge-offs, foreclosures, bankruptcies, tax liens, repossessions, collections, and much more.
TrueCredit.Repair Helps You Deal with Student Loan Debt
Without question, the student-loan debt crisis in America is troubling. Caused by decades of disinvestment in public higher education that has shifted costs onto students and their families while leaving colleges and universities underfunded, the issue is hampering the productivity of the best & brightest young Americans. Worse, there appears to be no relief in sight for those who default on student loans.
Normally, a defaulted debt will fall off a report after 7.5 years from the date of the first missed payment. A defaulted federal student loan, on the other hand, has no Statute of Limitations. While loans older than 7 years may not appear on a credit report, collections can and will continue.
How can a person get their finances and their life back under control despite drowning in student loan debt? The credit repair experts from True Credit Repair offer these suggestions:
- Take advantage of your grace period before you start repaying the loans.
- Understand your loans & their terms.
- Choose the best repayment plan for the long haul.
- Continue to live a frugal “college lifestyle” after entering the workforce.
- Make a budget & stick to it.
- Select a smart debt repayment plan with help from analysts at True Credit Repair.
- Deduct your student-loan interest each year on your IRS taxes.
- Take a second job or find a way to earn more money.
Leave Your Student Loan Debt Concerns to True Credit Repair in South Florida
At True Credit Repair, we have been helping our South Florida customers find ways to repair their credit scores in the wake of student-loan debt for years. Our credit repair professionals understand how to help you escape your current financial predicament and will guide you down that path. We can also assist with bankruptcies, late payments, repossessions, and more. When you need our services, Contact Us online or give us a call at 888-407-7747.