Are you overwhelmed by student loans? They seemed like such a good idea at the time, a means to help pay for college, earn a degree and ultimately get a great paying job. Whether or not it worked out the way that you intended, debt from student loans can be overwhelming.
Good news has finally come in the form both student loan forgiveness and income based repayment negotiations.
With student loan forgiveness, a portion of Federal Student Loans may be forgiven for a person who works in low-income or remote areas, plying their educational expertise to help the needy.
Income Based Repayment is a program that offers monthly payments based on income and family size, reducing the amount of these payments accordingly. If you make $35,000 per year and you are a family of 3, as long as you are making that amount, you owe nothing on your federal loan each month. If you are making $45,000 per month and you are a family of 3 your payment per month is only about $48.00. If this does not seem to be paying off your debt and you are worried about the long term, the good news is that after 25 years any remaining balance owed is forgiven, as long as the loan has not gone into default.
The federal government is working to make the cost of student loan repayment more affordable. Many programs are available and with a little research you can find the one that best fits your situation.
***Update***
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