Student Loan Debt: Tips for Managing and Finding Relief
WACO, Texas (FOX 44) — Whether you're a recent graduate or someone who graduated years ago, student loan debt is a challenge that many people face.
According to EducationData.org, over 42.7 million student borrowers in the United States are currently carrying federal loan debt.
To help borrowers navigate the financial complexities, McLennan Community College Director of Financial Aid Sandi Jones offered key advice on how to manage student debt.
'Learning about budgeting, managing debt, and understanding what all your debt is—along with your income—will help you figure out how you're going to pay back the money you owe,' Jones said.
This knowledge will not only help you manage your loans, but will also enhance your overall financial well-being. For those who may encounter financial hardships, such as unexpected medical expenses or job loss, options exist to make loan repayment more manageable.
According to Baylor University Assistant Vice President of Student Financial Services Taryn Anderson, there are several ways to handle federal loans if you fall into tough times.
'If they do hit a critical point where they don't have the income available monthly to make a payment, there are options. Some of them are short term like forbearance. It may just be for a couple of months based on a, maybe, a change in income or an unusual medical expense,' she explains.
Anderson also emphasized that longer-term solutions like deferment are available for individuals facing major life events, such as significant medical issues or economic hardship. Deferment allows borrowers to temporarily postpone payments, providing some financial relief. Both Jones and Anderson urge borrowers to stay informed about their options. Whether you're learning to budget effectively or exploring relief options when hard times hit, understanding the resources available to you is crucial in managing student loan debt.
As student loan debt continues to affect millions, these financial experts emphasize the importance of financial literacy, planning, and knowing your options to ensure a healthier financial future.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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