Thursday, June 14, 2012

Student Loan Payment & Forgiveness Programs

2 comments
In regards to Student Loans after receiving my Masters from NYU, "Yikes!"  BUT, let me tell you that finding these two programs, seriously saved me.


One program is called Income-Based Repayment (IBR), which "is a repayment option for federal student loans that has been available since 2009. It can help borrowers keep their loan payments affordable with payment caps based on their income and family size. For most eligible borrowers, IBR loan payments will be less than 10% of their income - and even smaller for borrowers with low earnings. IBR will also forgive remaining debt, if any, after 25 years of qualifying payments." Read on to get more detailed information.

The second program is called Public Service Loan Forgiveness (PSLF), which is "for federal student loan borrowers who work in certain kinds of jobs. It will forgive remaining debt after 10 years of eligible employment and qualifying loan payments. (During those 10 years, the Income-Based Repayment (IBR) plan can help keep your loan payments affordable.)" Read about it for further details.


Here's a lil video for your viewing pleasure.  :)


In summary, if you qualify for the IBR program for 10 years of eligible public service employment, then you will have your remaining debt forgiven!  How awesome is that!  


I know there are other programs out there, too.  This one seems to work out best for me.  :) 

2 comments:

  1. Thanks for this information! Yay! Only 7 more years!

    ReplyDelete