There are really no shortcuts to paying down your student loans. If you have federal loans, the government offers myriad repayment plans. You can choose the best one based on your income. If you get into a bind through unemployment or low-paying jobs, the feds will cut you some slack.
With federal loans, look at your options and check in with your loan servicing company. Tell them which repayment or consolidation plan you want and they can start the paperwork.
Note: Servicers are notoriously lax in recommending and processing repayment options, so you have to keep on them. They have to get the ball rolling.
Although there are firms that will offer you repayment strategies, you don’t need to deal with them or pay them for what’s essentially a free service through your servicer or the Department of Education.
After doing more than a year’s worth of research, I found that there are countless companies scamming graduates by charging them to file paperwork. (See my Forbes piece on this subject). You can do all of this yourself at no charge. You can also search for scholarships and financial aid for free.
The Consumer Financial Protection Bureau (CFPB) last year sued a company and individual that operates under the names “Global Financial Support, Student Financial Resource Center and College Financial Advisory.”
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