Despair can lead to questionable decisions.
In a new study commissioned by LendEDU, which provides information on student loans, 46 percent of the nearly 1,000 student loans surveyed said they would be prepared to postpone collecting social security contributions for a partial or total loan.
There was even a legislative attempt to give student debtors such an option. The Student Security Act of 2017 – federal legislation that failed last year – would have granted $ 550 in debt forgiveness for every month a debtor student was willing to raise his full retirement age or $ 6,600 a year to a maximum forgiveness of $ 40,150.
The nearly $ 1
• Would it be worth the sacrifice? "Trade in and the reduction of social security would reduce a major benefit that could be crucial to your retirement later in life," says Andrew Rombach, editor at LendEDU in Hoboken, New Jersey. "They could make bad decisions that later increase the need for social security – just to be excluded from this benefit for a period of time."
• Explore other options: Find the best repayment plan for your situation. "If you are doing well in your career, inquire about refinancing your loans at a lower interest rate.If you work for a charity or government, sign up for Public Service Loan Forgiveness. If you are struggling to get your monthly Make payments and be on the brink of failure, go for one of the federal income-driven repayment plans, "says Brandon Yahn, founder of StudentLoansGuy.com.
• Tap on your employer. There is a trend in companies offering assistance in repaying student loans. For example, Crystal & Company offers a Manhattan insurance brokerage firm staff up to $ 10,000 to repay student debt.