Student loans can be a huge burden for college graduates. The average student loan debt is now over $40,000! That's a lot of money to owe. And if you're not careful, that debt can follow you for the rest of your life. We will discuss student loan forgiveness eligibility and repayment plans. We will provide an Easy Solutions guide to help you navigate the process. So, if you're feeling overwhelmed by your student loans, don't worry! We've got you covered.
Student loan forgiveness is a process where the government or your lender cancels part of your student loan debt. This can be done in a few different ways:
Public Service Loan Forgiveness (PSLF): If you work for a qualifying government or non-profit organization, you may be able to have your loans forgiven.
The types of jobs that allow you to apply for student loan forgiveness eligibility are:
After starting your loan payments, you may apply for a student loan forgiveness program. Loan borrowers must work full time and complete 120 payments towards federal loans to be considered for a forgiveness program. These programs were created to help college students who are just getting back on their feet after graduation. Everyone needs time to figure it out and ensure they have the finances for everything they are about to take on. The number one thing you learn as an adult is how to manage your money, and your loans have to be at the top of that list!
Student loan forgiveness programs are in place to ensure people can live on what they have and know they do not have to suffer because of money that was meant to help them get an education. We have options that can help you through rough times, but you should take it if you qualify for a forgiveness program.
Some Student loan repayment plans are available for loan forgiveness:
Standard Repayment Plan: You will pay a fixed amount each month until your loans are paid off in full. Your loans will be at least $50 a month, and you will have up to 10 years to pay off your loans.
This plan is ideal if you can handle higher payments to repay your loans quicker. Your monthly payment with the standard plan will most likely be higher than other plans because you want to get your loans repaid in the shortest amount of time, with the same reason of a 10-year limit on payment so for the least amount of interest.
Graduated Payment Plan: Your payments will start out low and get higher every two years with this plan. You are making the length of your payment period up to ten years. If you expect your income to increase over time, this may be the best option for you.
Income-Based Repayment Plan: When choosing this plan, the required monthly payment will be based on your income during any period when you have partial financial hardship. Your monthly payment may be adjusted annually. The maximum period for this payment period may exceed ten years. If you meet specific requirements over time, you may qualify for cancellation of any outstanding balance of your loans.
Income-Contingent Repayment Plan: This plan gives you the flexibility to meet your student loan consolidation obligations without causing undue financial hardship. Each year, your monthly payments will be based on your gross income, AGI - plus your spouse's income if needed, family size, and the total amount of your federal student loans.
These plans were created to help students pay off their loans quickly. No one wants to be paying off their loans for a lifetime. So if you have the chance to make payments every month, you are the only one who can decide how much and how often it will work best for you. Each plan is a little different, and if you take the time to learn the details, Easy Solutions can help you find the perfect fit for you! Paying off your student loans sooner rather than later is best.
There are many reasons why consolidating your student loans will make your life easier. You could have lower monthly payments, lower interest, obtain a better repayment plan, and much more! Consolidation can help improve your credit report and score! Easy Solutions can help you get back on track if you are currently behind with your payments.
Consolidating your loans can help you over time because it is just one payment instead of multiple. You will see how easier it is to pay a little more for all your loans than making more than one payment. If you take the time to talk to someone, ask the right questions and get everything in order. You will be thankful later that you took the time to do so. Take a minute to prioritize your loan, and we can help you manage your repayment plan.
At Easy Solutions, we have created a list of all the approved loans below that can apply for a student loan consolidation:
Finding student loan forgiveness eligibility, consolidating loans, repayment plans, and more are all ways to make your life easier and more affordable in the long run. We are here to guide you and ensure you are not paying off your student loans for the rest of your life. Easy Solutions wants you to find a way to manage and use for all of the time to come.
If your student Loans are piling up and it is a lot to take in, Easy Solutions can guide you in the right direction! Contact Us today to find out some answers. We are more than happy to chat about any questions you have and find ways to get you student loan solutions. We are here to ensure all your financial goals are in order and deliver you with top-of-the-line customer service. Easy Solutions have the answers and different ways to show you how to better handle your loans. It can be hard when it comes to making payments, but it is important to have a plan.