One of the most rewarding investments you can make is in your education, but you should approach student loans carefully. At Backus Law Group in Montgomery and Clanton, AL, the bankruptcy lawyers know the value and pitfalls of student loans. To help students borrow for their education wisely, these bankruptcy protection attorneys offer a few tips.
Consider these strategies when taking out student loans to avoid debt overload:
- Borrow Only What You Need: Resist the temptation to use student loans as cash cows. The more you borrow, the more you have to pay back with interest. Keep in mind that the loans must be repaid no matter what job or salary you have after graduation.
- Look For Loans With Forgiveness: If you work for federal, state, or local government or nonprofit organizations, certain student loans can be forgiven. You must make some qualifying payments and meet other requirements, but loan forgiveness programs can give you generous debt relief.
- Use Other Options To Borrow Less: Working part-time, during the summers, and in work-study or paid internship programs can reduce your need to borrow. Ask relatives and family friends to give you no-interest loans or financial gifts if they can. Researching online for scholarships in your fields of interest can produce funds you won’t need to repay.
The bankruptcy lawyers at Backus Law Group want to help you manage your debt wisely, so you can achieve your goals with less stress. They offer advice to individuals with student loans and other debt. When bankruptcy protection is not an option, these understanding and knowledgeable lawyers counsel clients about pursuing other avenues of debt relief.
Start your debt management program by contacting Backus Law Group of Montgomery, and Clanton, AL. Visit the firm online today, or call (334) 265-0800 for the Montgomery office and (205) 755-5208 for the Clanton office to schedule your bankruptcy lawyer consultation.