When you are looking for jobs online, you are going to notice that many of them are looking for people that have gotten a college degree. This is why millions of high school graduates decide to apply for college upon graduation. But, college can be extremely expensive as you have to have money to pay for books, housing, and tuition. Many students do not come from a family where they are going to get help paying for their college. In order to pay for their college, many people choose to take out large amounts of student loans. However; graduating with a large amount of student loan debt can be a burden as people struggle to make enough money to pay them back. However; there is a student loan consolidation and forgiveness program that can make it possible for you to get out of debt.
With the student loan consolidation and forgiveness program, you are going to have the ability to consolidate all the loans you have taken out into one loan. You are going to have several options to pay back this loan when you choose the student loan consolidation and forgiveness program. Many people choose the standard repayment where you pay a set monthly payment for the life of the loan. There is also a graduated payment where your monthly contribution goes up every two years for the life of your loan.
But, with student loan consolidation and forgiveness there are also payment options that will lower the balance you pay over the years. One option is the income contingent payment plan where the amount you pay is based off your loan amount, family size, income, and interest rate. There is also an income based payment plan that only looks at your income and family size. Under these payment options there are some people that have gotten their payments down to zero dollars a month.
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The pay as you go payment plan is another option for the student loan consolidation and forgiveness program. Under this payment plan you pay ten percent of your discretionary income each month towards your student loans. After you have been making these payments for twenty years, the remainder of your balance and interest will be forgiven.
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When you are looking at a large amount of student loan debt, there are options that will make it much easier for you to pay for them. With the student loan consolidation and forgiveness program, you will have options to lower your monthly payment or get out of debt in a shorter amount of time. You will want to do some research on the payment plans to find the one that is best for your situation.