How to Handle the Stress of Money and Loans Hat

Plans to pay back U.S. debts based on how much money you make

If you take out an education loan from a U.S. lender, you can choose an income-driven repayment (IDR) plan like SAVE, PAYE, or REPAYE, which lets you choose your monthly payment depending on your income.

Benefits of Income Driven Repayment Plans:
Lower payments when you don't make much money.
Protects against the danger of not being able to pay back loans while looking for work or starting a new employment.
For borrowers who meet certain criteria, there is a chance that the remaining sum will be forgiven after a certain amount of time.
To keep your IDR plan going, remember to send in your yearly income certification on schedule.

Getting reduced interest rates by putting loans together

Loan consolidation can sometimes make it easier to pay back loans and cut the interest rates. This is especially true for persons who have more than one loan with the same lender.
How to do it:
Look at the pros and cons of several banks in the US and your native country.
You should only refinance if the decline in interest rates is substantial enough to cover the costs or goods you will lose.
For instance, you should know the status of your work and visa so you can refinance.

Side Jobs to Make More Money

You can also use these tiny amounts of money to construct a financial safety net or make extra payments on your loan.
The visa may let you make these choices:
While they study, they can work as a tutor or lab assistant on campus.
Internships (CPT or OPT that has been approved ahead of time).
Jobs those can be done freelanced, with companies that are based outside the U.S. (check with your foreign office to make sure this is okay).

Tip: Make a separate account for the money you make from your side job so you can keep track of your loan payment goals.
Talking to your family about when you need to pay back the money you borrowed
Family contact that works well can help things go faster and make everyone feel better.

Follow these steps:
Along with a loan payback schedule, share your present financial situation, budget, and a full list of your expenses.
Agree on a reasonable amount to pay back that won't hurt your way of life.
Every six to twelve months, change the plan as your money situation gets better.