Thousands of young kids are encouraged to take out loans each year that they do not understand. As a country, this is a crisis. Young people have no idea how to navigate the confusing student loan system and end up getting in over their heads with repayment of these loans. The system is flawed and we are potentially creating the student loan bubble as we speak. If you have student loans, here are three things you need to know about your loans that could help you pay them off and avoid paying more interest than you need to. The first thing you need to do is figure out who you owe money to and how much money you owe. If you have a federal student loan, you can use the national student loan data system to track down your loan. If you have completely lost track of your loans and they are through a private lender, get a credit report. Any loans you have should be listed on this. The second thing you need to know about is income driven payments. Many lenders offer a payment plan on student loans, but don’t be surprised if they don’t tell you about this. Lenders want you to fall behind because that means they make more interest on the loan. Lenders may allow you to make payments based on your income and the size of your family. You should reach out to them to discuss what options you have. The important thing to remember is that you need to update your financial information each year to stay on an income driven payment plan. The third thing you need to know about the student loan crisis in america is forbearance. This is what a lender will encourage you to do. This allows you to reduce or eliminate your payments for a period of time. The problem with this is the interest continues to add up while you are not making payments, and the term of the loan is extended as a result of forbearance. You should avoid this at all costs. Income driven payments are a far better option. Student loans are a perfect example of everything that is wrong with this country. If you have student loans, get informed. Don’t be passive about your loans just because the system is confusing and difficult to navigate! Website http://ift.tt/2hWvg0t Follow me on Twitter! https://twitter.com/RyanOScribner Personal Fitness Coaching http://ift.tt/2hEScp0 Related Videos: How student debt will cripple the American dream. | Dusty Wunderlich | TEDxUniversityofNevada https://www.youtube.com/watch?v=kZJCrxQrslA America’s Student Debt Crisis: Jessie’s Story | Consumer Reports https://www.youtube.com/watch?v=PqzEcER8AJA Who Is Getting Rich Off the $1.3 Trillion Student Debt Crisis? https://www.youtube.com/watch?v=nlM8Ak2KuYI Related Articles: 6 Tips for Avoiding the Worst Student Loan Repayment Traps http://ift.tt/2iTikIx Why the Student Loan Crisis Is Even Worse Than People Think http://ift.tt/1ZfRGbj If this video brought value to you, please leave a like! If you are looking to find out more about anything I discussed, drop me a comment or contact me on Twitter. Subscribe to be updated on my journey through life! About Me: My name is Ryan Scribner. I am a nutrition and fitness crusader and I consider myself to be a life student of personal development. I am also an investor. I went from being an overweight college student to living at 8% body fat. About two years ago when I started weight lifting, I was completely clueless. I never played sports in high school and I had no base level of fitness established. I made many mistakes, but over time I developed an understanding. I want to help others develop the body, spirit and mind they deserve. In making mistakes along the way and learning from scratch, I have a lot of value to bring to the table. I recommend my content to those interested in the accumulation of wealth, fitness and nutrition as well as personal growth and development. Recently, I made my own happiness a priority after living with depression for over a year. I want to share with you exactly what I did to get to a state of perpetual lasting happiness. I have also spent a great deal of time learning about investment and wealth accumulation. While money alone doesn’t bring happiness, it allows you to experience many things which do bring happiness. Start the journey. Involve the right mentors and coaches. Learn.
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