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 students each year decide to apply for college once they have graduated high school. But college is very expensive as you have to be able to cover tuition, books, and housing. Not everyone comes from a family where they are going to get help to pay for their college degree. 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 a lot easier for you to pay for your loans.
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 for repayment 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 the graduated payment where every two years your payment goes up until the loan is paid off.
But, with student loan consolidation and forgiveness there are also payment options that will lower the balance you pay over the years. There is the income contingent payment plan where your monthly payment is based off of your income, family size, loan amount, and your interest rate. There is also an income based payment option where your payment is based only on family size and income. These options make it so some people do not have to pay anything each month.
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Another options with the student loan consolidation and forgiveness program is the pay as you go payment plan. With this payment plan your monthly payment is going to be based on ten percent of your monthly discretionary income. When you have made these payments for twenty consecutive years the remainder of your balance is going to be forgiven by the government.
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You are going to have options to make paying for your student loan debt much easier for you to handle. 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.