BOHEMIA, N.Y., Sept. 4, 2014 /PRNewswire-iReach/ -- Being aware of your federal student loans can go a long way toward building a solid financial foundation. Rapid Recovery Solution outlines common mistakes graduates should avoid when it comes to repaying student loan debt.
- Putting off paying your student loans, won't make them disappear.
There are very few ways to get out of student loan debt. If you don't start making payments on your student loans, your debt will just increase over time. If you can't afford to pay them back now, you may want to consider an income based repayment program.
- Paying off your least expensive loans first could end up costing you.
If you plan on paying off a particular loan first, choose the one with the highest interest rate.
- Assuming all your loans have the same grace period is a bad way to start.
A grace period is how long you can wait after leaving school before you have to make your first payment. If you have loans from multiple lenders, you likely have different grace periods. Check with each one before putting off making your payments.
John Monderine, CEO of Rapid Recovery Solutions, speaks out. "Many students don't realize that when it comes to student loan debt, there are no shortcuts. Students will do whatever they can to avoid expensive student debt payments not realizing that they are only making their student loans even more costly." Monderine goes on to explain the importance of educating graduates on the effects of defaulting payments.
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.
Media Contact: Scott Darrohn, Rapid Recovery Solution, Inc., 855-347-4228, firstname.lastname@example.org
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- Personal Finance - Career & Education
- student loans