The 5 Secret Ways to Get Student Loan Forgiveness

About 50 percent of student loan borrowers meet the requirements of certain student loan forgiveness programs. If you are tired of letting debt plague your every step, finding a way to get into a student loan forgiveness program is a step in the right direction. By taking steps to change your financial future, you can get out of debt sooner rather than later.

It’s easy enough to sign up for an Income-Based Repayment Plan (IBR), which is one of the most common options for borrowers. Your loan repayment won’t ever go beyond the standard ten-year repayment plan. Your loan will also be forgiven by the end of that term.

That’s another type of repayment plan. It works in the same as the IBR project. That means you won’t need to pay more than 10 percent of your income. Also, your loan will be forgiven after 20 years. Commonly referred to as the Obama Student Loan Forgiveness program, its main difference from an IBR plan is that some loans that go to as far back as 2007 might qualify.

The Revised Pay as you earn repayment plan or RePaye is a modified form of PAYE that borrowers can apply to. It still limits your payment at 10 percent of your income. Any loan you have will also be forgiven after 20 years. If you’re looking for a plan that also covers about 50 percent of the interest in cases wherein the new payments can’t keep up with the rising interest.

The Income Contingent Repayment Plan is a little departure from the IBR or PAYE. There are no initial income requirements for the ICR. That means any eligible buyer can make the payments under this plan. If you do, though, note that your payments will be lesser of the 20 percent of your discretionary income. Also, your loans will be forgiven after 25 years.

This option is one of the most popular ways to get student loan debt relief. Find out if this is the best possible option for you by finding a lawyer and talking about your future choices. One way to accomplish that is to seek out help. Look for a firm that will allow you to get in touch with lawyers with a solid and credible background in providing legal services to those in debt.

Consider which program suits your needs best. Find an attorney that you can talk to regarding your financial decisions. Some companies specialize in helping you reach out to lawyers. By hiring that service, you can find the lawyer that you need sooner. An excellent one will guide your decisions and provide possible consequences and benefits to show you the bigger picture. They can also renegotiate terms and contract conditions on your behalf. They can advise you on how to tackle your debt problem in a way that’s effective.

Report this Page