How To Repay Your Student Loans
Totally buggin’ about repaying student loans? Never fear, the government is here!
Whether you are a current student, a parent of a college student, or a post-grad, we’ve got you covered. The student loan business is scary, but there are some programs and services that can help you if you’ve fallen on hard times.
There’s a multitude of student forgiveness programs out in the world. For students with loans from the government, peep these three programs that can help you save a lot of bang for your buck.
1. Public Service Program
This program is for people who work for the public. So that’s teachers, police officers, etc. If you work for federal, state, or local government or at specific nonprofits, you most likely qualify for this program. The program works like this: if you work in your job for 10 years and still haven’t paid off your debt, you can apply to have the remaining balance forgiven.
2. Income-Based Repayment
If you borrowed government loans, you may be able to qualify for reduced monthly payments. You can receive these if you have a disproportionate amount of income in ratio to your student loan payments and family size. Also, if you haven’t repaid within 25 years, you can also be forgiven.
3. Pay As You Earn Plan
Like the income-based repayment plan, the pay as you earn plan allows borrowers to apply to have monthly payments reduced. Again, if borrowers have a disproportionate amount of income with a high level of federal student loans, their debt can be forgiven after 20 years.
Think you qualify for one of the programs? Check out www.usa.gov to see how you can start planning for your future.