October 3

Can Credit Ninja Help You Finally Pay Down Your Student Loan Debt?

Student Loans


More than 42 million people, or 1 in every 8 Americans, are currently carrying student loan debt.

Getting a degree can open up a variety of career opportunities, as well as opportunities for advancement in your current career — and, hopefully, help increase your income. But whether your new degree results in an increase in income or not, within around 6 months of your graduation, you’ll need to begin paying back your student loans.

Unfortunately, many Americans struggle to pay back their student loans. Like most loans, student loans carry interest rates and may come with higher monthly payments than borrowers anticipated.

If you’ve ever worried about paying back your student loan debt or have fallen behind on your payments, keep reading to learn more about how Credit Ninja can help.

The Stats on Student Loan Debt

Student loan debt is a necessity for most students. In fact, in 2019, nearly 70 percent of students took out student loans. They averaged nearly $30,000 a person, including a mix of both private student loans and federal student loans.

Private student loan debt is on the rise. In 2020, it increased by 14 percent, or more than $16 billion. Not all student debt holders are students themselves; around 80 percent report having borrowed money to pay for a child or grandchild’s education.

Just as with any other loan, it’s easy to fall behind on your student loan payments. Whether you’ve had your hours cut or had to choose between paying for an important repair on your car or making your student loan payment, you’re not alone if you’ve ever struggled to make a payment. In fact, around 1 million borrowers default on their student loans each year.

Defaulting on your student loans can have a range of consequences. The government can take a portion of or all of your tax refund to cover some of your payments. They can also take a portion of your paycheck, or your Social Security payments if you’re eligible to receive them. Having your student loan go into default will also hurt your credit score.

Understanding the Different Types of Student Loans

Loans come in a variety of shapes and sizes, and as such, have different requirements for paying them back. 

Federal student loans often carry lower interest rates and may be eligible for repayment programs, such as being able to pay back your loan at a rate determined by your current income level. You may also be eligible for federal loan forgiveness programs. For instance, if you work as an educator in a low-income area for a certain number of years, you may be eligible to have all or a portion of your federal student loans forgiven. In 2020, the CARES Act paused repayments of all federal student loans. This act was designed to provide relief to borrowers during COVID-19.

Private loans used to pay for student expenses may not have the same flexible terms and low-interest rates. However, they may be necessary to cover expenses beyond what federal student loans cover.

What to Do if You Can’t Make Your Student Loan Payments

If you’ve found yourself short on cash and worried that you won’t be able to make your next student loan payment, there are a few things you should do. The first is to reach out to your loan provider.

When unexpected circumstances, such as losing your job, have you short on cash, your loan provider may be able to offer you some options. This includes extending your payment period or lowering your monthly repayment amount. 

What happens if you miss a payment by accident, or are able to make your payment a few days late? From the first day after your bill is due, it will be marked as past due, late, or delinquent. However, it won’t be reported to the credit bureaus just yet. This only occurs after a missed payment goes unpaid for 90 days. If your payments continue to go unpaid, your loan may go into default. This will wreak havoc on your credit score and may affect your ability to buy a car or apply for loans in the future.

Can Credit Ninja Help You Finally Pay Down Your Student Loan Debt?

If you’ve found yourself struggling to make your student loan payments, Student Loan Ninja may be able to help. 

Our Credit Ninja tools help borrowers take back control of their finances. We can help you restructure your loan payments to better match your current income. This will make your payments more manageable from month to month, allowing you to make them without sacrificing paying other bills. If we determine that consolidation is the right option for you, we’ll help you to consolidate your loans into a more manageable monthly payment.

Third-party student loan services are often costly. If you’re already struggling to make your monthly student loan payments, this might be out of reach. But with your Platinum Service with Credit Innovation Group, you’ll get full access to our student loan department at no additional cost.

Tackle Your Student Loan Debt Once and For All

Paying down your student loan debt and avoiding default can help set you up for a brighter financial future. Besides preventing your loans from going into default, paying down your student loans means more money in your bank account that you can put towards other financial goals, like paying off your mortgage, investing, or starting an emergency fund.

Unfortunately, tackling your student loans isn’t always easy. If you’re struggling to make payments or are already behind, getting ahead can feel like a losing battle. The more that you struggle, the further behind you fall.

Credit Ninja can help. Our innovative tools and resources help you to adjust your budget, consolidate your loans, and get a more manageable monthly payment. This could be the key to finally paying down your federal or private student loans.


Leah Roberts

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