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Escaping the Burden of Student Loans When you look at job postings online, one thing that you are going to see is many jobs are looking for people that have graduated college. This is why each year millions of people choose to enroll in college after they have graduated high school. However; college is very expensive as you need to have money to be able to pay for your 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 college, many students choose to take out student loans to cover the costs. But, having a large amount of student loan debt can be a burden, many people are not able to pay them all 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 for repayment when you choose the student loan consolidation and forgiveness program. Many people decide to use the standard repayment where each month they make the same payment for the life of the loan. There is also a graduated payment schedule where the amount you pay goes up every two years until the balance is gone. However; with student loan consolidation and forgiveness, there are also ways to lower the total amount you pay. One option is an income contingent payment plan where your monthly payment is based on your family size, loan amount, interest rate, and income. There is also an income based option that only looks at your family size and income to determine your monthly payment. 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 are going to want to research the payment plans to find the one that is the best for you.