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. However; college is very expensive as you need to have money to be able to pay for your books, housing, and tuition. Not everyone comes from a family where they are going to get help to pay for their college degree. To be able to pay for their college many students decide to take out a large amount of student loans. 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 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. 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 payment option where your payment is based only on family size and income. With these options there are people that qualify to make no payments each month.
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Another payment option for the student loan consolidation and forgiveness program is called pay as you go. Under this payment plan you pay ten percent of your discretionary income each month towards your student loans. After you have been making these payments for twenty years, the remainder of your balance and interest will be forgiven.
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When you have a large amount of student loan debt, you are going to have options to make paying for it much easier. With the student loan consolidation and forgiveness program, you are going to have a way to lower your monthly payment and get out of debt sooner. You are going to want to do some research on the different payment options so you can find the one that fits your situation the best.