Student loan debt repayment can be highly stressful. If you’re like many people, you simply want them forgiven. To make things more complicated, many students are the first of their family to go to school and have no idea what they were signing up for. Parents can find themselves with ParentPlus loans that they are repaying for years or, in some cases, looking for their child to pay.

Public Student Loan Forgiveness

Pursuing student loan forgiveness can be daunting. There are many rules along the way the federal government someone has to follow in order to apply for forgiveness including these income-based repayment plans. The more your house hold makes in a year the more payments you have. When you graduated from college you were probably single and making a lower income. You may have risen quickly through the ranks in your career and now your loan payments have increased. If you got married, your spouses’ income is also taken into account on your loans. If you make $50,000 and your spouse makes say $200,000, your loan repayment is based on $250,000 worth of household.

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Repayment without forgiveness

Many people, maybe your were one of them, were hoping that Pres. Biden was going to forget all student loans. Now that we know that is only $10,000 you may find yourself with a significant balance remaining. One of the downsides of income-based repayment is that it is not designed to help you pay off your student loans. It’s a bit like making a minimum payment on a credit card. Credit card balance increases although you are consider current on your payments. In order to truly pay off your student loans, you must find a way to get off of income based payments. If you are willing to alter your lifestyle, we can help you find the best repayment options for you. Our clients have found our debt reduction service by itself appropriate as it can be complicated to find ways on your own. There are far fewer options than there are with federal government bonds. If you’re considering a loan consolidation non-federal government loans you should ensure that you understand what you’re giving up anything added into federal government such as disability life insurance protection.

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