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Common Student Loan Debt Questions and Answers

Student loan debt is one of the most common debts that people in the United States hold. However, many people have questions about their loans and payments. 

It can be confusing to know what you owe, how much you owe, or even how to pay off student loans. 

If you are a small business owner or a chamber of commerce dedicated to supporting small businesses, your primary objective is to ensure that employees receive the necessary benefits they require. 

 We will lay out some of the most common questions about student loan debt and loan repayment advice with the answers you need to navigate student loan payments the right way.

Your Guide for Making Student Loan Payments 

As a student loan borrower, it's common to have questions about how to handle your debt. Today, 20% of all American adults report they have outstanding undergraduate student debt; 7% report outstanding postgraduate student loans. 

All your questions regarding student debt are answered below. 


Q: Do I have to repay my student loans? 

A: Yes, you are legally obligated to repay your student loans. Student loans are a type of debt, and just like any other debt, failure to repay can have serious consequences. Your student loan servicer can take legal action against you to collect the debt, and you may also face wage garnishment, tax refund offsets, and damage to your credit score. 

Q: Who is my student loan servicer? 

A: Your student loan servicer is the company that handles the billing and other services related to your federal student loans. You can find out who your servicer is by logging into your Federal Student Aid account, where you can also view your loan balance and repayment options. 

Q: How do I find my interest rates? 

A: Your interest rates will depend on the type of loan you have, but you can typically find your interest rates by logging into your student loan account or by reviewing your loan documents. For federal loans, you can also visit the Federal Student Aid website for more information. 

Q: If I can't afford my student loan payments, can I lower them? 

A: Yes, there are several options for lowering your student loan payments. For federal loans, you may be eligible for income-driven repayment plans, which base your payments on your income and family size. You may also be able to temporarily postpone your payments through a deferment or forbearance. 

Q: Can I combine all my student loans? 

A: Yes, you may be able to consolidate your federal student loans into one loan through a Direct Consolidation Loan. This can simplify your payments and potentially lower your interest rate. However, private student loans cannot be consolidated with federal loans, and you may not be able to consolidate your loans if you're in default. 

Q: When will I start paying back my loan? 

A: For most federal student loans, you will have a six-month grace period after you graduate, leave school, or drop below half-time enrollment before you have to start making payments. Private student loan repayment terms vary depending on the lender, so be sure to review your loan documents carefully. 

Q: How can I make my loan payments more affordable? 

A: In addition to income-driven repayment plans, there are other options for making your loan payments more affordable. For example, you may be able to refinance your loans at a lower interest rate, or you may be able to make biweekly payments instead of monthly payments to reduce the amount of interest you pay overtime. 

Q: What is a deferment, and how do I qualify? 

A: Depending on the type of loan, a deferment allows you to temporarily postpone your student loan payments without accruing interest. You may qualify for a deferment if you're enrolled in school at least half-time, serving in the military, or experiencing economic hardship, among other reasons. Contact your loan servicer for student loan forgiveness information. 

Q: What happens if I do not pay my loans? 

A: If you do not pay your student loans, you may go into default, which can have serious consequences. Your wages may be garnished, your tax refunds may be seized, and your credit score may be damaged. A default can also lead to legal action and collection costs, so it's important to stay current on your payments or contact your servicer for loan repayment advice if you're struggling to make ends meet.

Benefits and Resources for Your Business with SOCA 

Whether you have questions on student loan payments, need resources to improve your business, or are looking for a way to connect with your community, Dolr is here for you! 

Just one of SOCAs benefits, Dolr helps your business engage, retain, and recruit great talent by offering the most requested financial wellness benefit in the country. 

SOCA proudly serves business owners and chambers of commerce in Cincinnati, Dayton, Columbus, and Southern Ohio. To learn more about your SOCA benefits, click here

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