Are you a college senior in Florida? Congratulations! You are less than two semesters away from starting the rest of your life. You may be focusing on making the most of your last year in college, trying to decide what to do after graduation or looking for a job that lets you actually use your degree. If you aren’t making plans for paying back your student loans in 2020, you should be.

Don’t become another statistic in the student loan debt saga. At Lewis Roberts, PA, Attorney at Law, I have experience helping clients set up the right repayment plan or get back on track with federal student loan payments that fit your life and your budget.

Did you know that nearly two-thirds of all college graduates have $30,000 or more in student loans? The right student loan repayment plan can be the difference between manageable monthly payments and debt that escalates and balloons out of control. Don’t settle for the program that gives you the lowest required installments. Instead, select one that is best for your long-term goals.

Payments begin six months after you leave school, whether you graduate or not. Unless you make changes, you will be placed on a standard repayment plan. The payment is calculated by adding your total student loan amount and interest, then dividing it into 120 monthly installments (10 years). Let’s say you have $60,000 in federal student loans. Depending on the actual interest rate, your payments may be more than $515 per month.

If you already know that this arrangement won’t work for you, you can request a different student loan repayment plan 45 to 60 days before the first installment is due. To give you an idea of the timeline, if you graduate in May, the first payment is due in November. If you want a plan based on your income or an extended plan, make the change in September.

A lot can happen in two years, let alone, 10 or 20 years. The best part of having federal student loans is that you can evaluate the payments and make changes as needed. Revisit the repayment plan whenever there is a major life event, such as a wedding, birth of a child or a new job. It can help you maintain control over your student loan debt without limiting your life.

Generally, you cannot alter the repayment terms for private and PLUS loans, unless you default. However, if you have federal student loans, here are several repayment options available. An attorney with experience in student loan law can help you select the plan that allows you to pay off your loans and preserve your credit.

I help clients with student loan debt, avoid foreclosure and assist with filing bankruptcy. My Altamonte Springs office on Palm Springs Dr is between I-4 and S US Highway 17/92 off E Altamonte Dr. I am north of the Altamonte Mall between E Orange St and E Citrus St.  Contact me or call 407.749.0080 to schedule an appointment and learn more about getting out from under overwhelming student debt.