How Can I Get Rid of My Student Loans Quickly?

How Can I Get Rid of My Student Loans Quickly?

Almost every person dreads student loans after graduation. Even if you received a few scholarships, student loans for many students run up to tens of thousands of dollars. Most students do not have the financial resources to pay off these loans as quickly as they would like. Some people worry about either falling behind on payments or being trapped in a situation where they cannot pay at all. The good news is there are options. If you have any financial concerns or questions about bankruptcy, then consider talking with a Tennessee bankruptcy lawyer for guidance. 


There are dozens of concerns that can cross a student’s mind when it comes to the repayment of student loans. It can help to briefly familiarize yourself with how student loan repayment works. Student loan repayment starts after you leave school or graduate, but you may also be required to start repaying if your semester hours go below half-time. Do not panic because you do have a short grace period after this when you do not have to pay.

This grace period will give you some time to settle into a job and build up your finances. The most important thing you can do to speed up your loan repayment process is to save as much money as possible during this grace period, and before you even graduate. Start saving now. Sometimes all it takes is a $100 deposit into your savings each month or every other week to build up money for repayment. 

Whenever you find yourself in the worst-case scenario where you cannot make a student loan payment upon request, you have options. You can contact your loan servicer to explain your financial situation or you can call the Federal Student Aid (FSA) Ombudsman Group to resolve any loan disputes. Do this before you miss a payment because missed payments are considered delinquent and may come with late fees and negative credit consequences. 


Your other options are seeking loan forgiveness, discharge, or cancellation. The one you can choose depends on your unique circumstances. For example, loan forgiveness programs only apply under the following circumstances:

  • Partial loan forgiveness for teachers who have taught full-time for five years
  • Public service loan forgiveness if you work for an organization that is government-funded or non-profit, but you must have made 120 monthly payments

There might be other cases where you can seek loan forgiveness. Talk with your loan servicer to find out more. Loan discharge happens when you no longer have to pay off a debt. This can happen when your school shuts down, you have acquired a disability, or if you have to file for bankruptcy. 


Obtaining a student loan because of bankruptcy is rare, but not impossible. To see if you might qualify for a student loan discharge for bankruptcy, reach out to our team of lawyers in Chattanooga, Tennessee, and North Georgia.

All you have to do is call a Bankruptcy attorney in Tennessee at (423) 690-7712 for a free consultation today or ask us a question on our contact page. You can find our team of bankruptcy attorneys in Chattanooga and Tullahoma. 

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