If you’re receiving structured settlement payments, you may be wondering, “can I sell my structured settlement payments to pay off debt?” In particular, student loan debt can be especially problematic.
If you have a large student loan debt, the following discussion may help you lower or eliminate that debt once and for all. Selling structured settlement payments for a lump sum of cash can also make the following strategies more financially feasible:
Everyone has different options available to them when it comes to paying back their student loans, and some payment plans might suit your current financial situation more than others. For example, you may be able to extend your repayment period or you can opt for an income-based plan. Although these plans can help to make your payments lower and more affordable, they do extend the life of your loan, ultimately costing more in the end. However, these can be good options to consider if the higher monthly payments through a traditional repayment plan will put too much financial strain on your monthly budget. Bear in mind that flexible repayment plans usually aren’t offered with private student loans. While this is just a general suggestion that can help some debtors, we also highly recommend that in order to receive financial advice regarding your specific loan, you’ll want to reach out directly to your lender to go over payment plan options. Receiving a lump sum of cash for the sale of structured settlement payments may also give you more flexibility when it comes to repayment plans for student loans.
A large student loan with monthly payments can usually be paid off much quicker with biweekly payments. If you have the financial means to do so, this option can help to save you money in the long run because you’ll shorten the length of your loan and pay less interest in the end. If you lack the financial resources to make biweekly student loan payments, you may be asking yourself, “can I sell my structured settlement payments to make more frequent payments towards my student loan debt?” We are happy to go over your various options for selling structured settlement payments and receiving that money in an upfront lump sum.
Just like with any other loan or credit card, making more than the minimum required payment each month can help to lower your principal and reduce the amount of interest you pay over the life of your student loan. If you’re paying more than the minimum, be sure to include a written request that states you want the extra money to go towards your principal, and not towards future payments. If you need extra money in order to make larger payments toward your student loan debt, we may be able to help if you’re receiving structured settlement payments. By selling all or a portion of your future structured settlement payments to us, we may be able to provide you with a lump sum of cash. If you’re not quite ready to pay off your student loan debt entirely, the lump sum of cash you receive may at least make it easier to make larger payments towards the amount you owe.
You may be eligible to have some (or all) of your student loan debt discharged, which is usually dependent on your line of work. It is certainly worth looking into, as there are several industries and volunteering opportunities that qualify for some level of student loan forgiveness. If you qualify for student loan forgiveness, but can only get a portion of your student loan debt discharged, a lump sum of cash may just be the ideal solution for paying off the remaining amount of student loan debt you have.
Paying off your student loan debt faster can be a great accomplishment, but paying it off completely can be even better. If this is the only debt hanging over your head, eliminating it and being entirely debt-free can be liberating. If you’re unsure of how many payments you’ll need to sell in order to completely eliminate your student loan debt, we are happy to help. We can determine the future value of your structured settlement payments, and compare that with how much student loan debt you have remaining. Some people may need to sell all of their structured settlement payments to receive the lump sum needed to pay off their student loan debt. In other situations, however, selling just a portion of structured settlement payments may be sufficient for completely eliminating student loan debt once and for all.
Are you receiving structured settlement payments and also facing a significant amount of student loan debt? You may be asking yourself, “can I sell my structured settlement payments?” Depending on the specific details and terms of your structured settlement, selling future payments for a lump sum of cash may be an easy way to pay down that debt or pay it off completely. Contact us today at 877-894-4541 to learn more and for your free quote!