As the price of higher education has been rapidly increasing, so has the national amount of student debt. Funding student loans has been a recent priority of the government and banks. A law passed in 2007 discouraged private lenders from consolidating student loans, which caused problems for students with debt. Lenders do not want to consolidate debt, but students need to save on interest and to have lower monthly payments. There are now services designed to help students in these situations.
For example, GL Advisor is a financial advisory firm that offers students accurate and free assessments of their student debt. After students provide information about their student loan debt, GL Advisor overviews students’ loan histories and examines specific repayment plans and possible qualifications for federal programs that provide debt relief. After using GL Advisor to assess their debt and to create repayment plans, students can choose to keep GL Advisor for a service fee. GL Advisor will help students create financial plans, assess qualifications for federal aid, refinance student loans and organize tax returns.
Once student debt has been accurately assessed, the next step should be to minimize the overall cost of the debt by applying for loan forgiveness or consolidation. Minimizing the overall cost of the student debt can lower monthly payments, allowing students to save more each month. However, the best way to eliminate debt is forgiveness through service or government programs.