If you’re a college student or graduate, odds are you borrowed money to help fund your education. With students amassing an average of $26,600 in debt, graduating college may seem like a cakewalk compared to paying off your student loans, particularly in an economy still reverberating from the Great Recession.
If you’re struggling with student loans, don’t risk the consequences of late payments or loan defaults. Instead, research your options. Here’s a quick look at how to get help with student loan debt:
- Income-Based Repayment is an option if you have a high debt relative to your income. This plan calculates monthly payments based on your income and family size, and forgives any remaining balances after 25 years.
- Pay As You Earn Repayment Plans typically offer the lowest monthly payment amount of all repayment options. Payments may increase or decrease each year based on income, family size, tax filing status and state of residence.
- Graduated Repayment Plans provide short-term relief through low, interest-only monthly payments that increase gradually every two years. You make payments on your loan for up to 10 years.
- Extended Repayment Plans offer lower monthly payments over an extended period of time and have a predictable payment schedule. However, you will pay more in interest due to the length of the loan term, which is up to 25 years.
- Consolidating multiple loans into a single loan can simplify the repayment process and reduce monthly payments. Learn more about consolidating your student loans.
- Loan Forbearance or Deferment are granted in special circumstances, such as returning to school, job loss, disability, military service or financial hardship.
- Public Service Loan Forgiveness may be an option if you work a full-time public service job with the government, military, public schools or 501(c)3 nonprofits.
Student loan counseling from Take Charge America, can help you understand all your available options and choose the right repayment plan.
Get started now! Call 877-784-2008 or schedule a call here