There’s no question about it. Student loans cause tremendous stress on students. Debt.org lists large student loans as one of the most difficult emotional struggles for students. Many students don’t realize that there are solutions or don’t think that it’s a big deal. But these solutions are essential for you and both your emotional and financial health. Here are some things you should know.

WHY YOU SHOULD BE CONSIDERING STUDENT LOAN REPAYMENT OPTIONS TO REDUCE YOUR STRESS

Many students try to struggle through with student loan repayments rather than realizing they have options for repayment or that the stress has a negative impact. The Council of Graduate Students reports that living under severe stress becomes a normal day to day reality for most students. In fact, many get used to it. But just because you don’t feel the effects as clearly doesn’t mean you aren’t at risk. Long term stress creates a number of problems including

• Increased emotional imbalance
• Heart strain
• Mental fatigue
• Reductions in judgment capacity
• Depression
• Hair loss
• Eating disorders ranging from anorexia to bulimia to overeating

Oftentimes, you won’t realize the effects until it reaches a tipping point. In some cases, that might not be until you reach an emergency and can’t handle it any more.

Look at Your Options Before It’s an Emergency

All federal loans have numerous repayment options. They aren’t supposed to take more than 15% of your after living income. But if you don’t sign up for a different repayment plan, you will be set into a standard repayment plan which can be quite high. The standard repayment plan will be the amount you need to pay for 10 – 20 years to pay everything off. For students struggling with their finances, that amount may be significantly higher than they can afford. Do not just put off talking to your lender about your situation until it becomes an emergency. The sooner you step up and request another repayment plan, the better off you’ll be.

When it comes to private loans though, it’s a little trickier. Not all private lenders offer repayment options, though some do. As soon as you realize that your current plan isn’t going to work, you need to contact your lender. Even if they don’t offer standard variations, you can see if they would be willing to make a modification. If they are still unwilling to work with you, consider looking into a consolidation plan with another provider.

Stress isn’t something to disregard. It’s powerful, and it can destroy your health. Instead of waiting until you have a breakdown, look into repayment options now. It won’t hurt to know what your options are, and generally, finding an appropriate repayment plan early is better than finding it too late. Federal loans always have repayment options, but private loans may require additional searching.

If you are struggling with finding the proper solution, remember you don’t have to do this alone. Consider contacting an attorney at the Van Horn Law Group to help get you out of this mess.