Anyone who has achieved a level of education beyond high school knows how terribly expensive college is. Hardly anybody can afford it out of their own pockets, so the majority of students get some grants, but need many thousands of dollars worth of loans. The following will look into how to get out of student loan debt as quickly and painlessly as possible.
Phoenix, AZ -- (SBWIRE) -- 02/07/2013 -- While attaining a college degree is admirable and highly useful in today’s world, it’s also dauntingly expensive. So after 4-5 years of higher education, a graduate steps out into the world to get a job. If he succeeds in that endeavor, 6 months after he graduates, he’ll have the money to make his monthly student loan payments. What if this particular scholar wishes to know how to get rid of student loan debt fast? Where shall he start the search for answers to that question? Perhaps looking to the government that supplied the bulk of his loans would be a good start.
Here are some suggestions about how to get out of student loan debt. If an individual has low income or his student loans are dis proportionally high in relation to his income, he may be eligible for one of several payment plans. The Income Contingent Repayment Plan is one of them. If a person has a non-PLUS federal direct loan, this plan can be helpful because it calculates the amount of his payment based on how much he makes each month. This could mean a small amount such as $5 per month would suffice, or perhaps even less. If the loan is not totally paid off in 25 years, the government forgives the balance. The Income Sensitive Repayment Plan only pertains to the FFEL loan and the payments are figured based on one’s income, family size, and the total amount of the loan. There is also a Hardship Plan for Perkins Loans. Perkins loan payments must be at least $40 per month. However, the school can extend the length of the loan for up to 10 years and/or allow extensions for long-term injury or illness.
Getting Out of Student Loan Debt Quickly, Request for More Info
Here is how to get rid of student loan debt fast, even if there is no financial hardship. A person can consolidate his loans into one monthly payment. This plan is particularly helpful if one wants to lower interest rates or doesn’t qualify for other payment plans. It is also possible to get loan forbearance, which means one does not have to make any payments for a set amount of time.
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