You have your education and now the government wants their money back. In order to do this, you will need a job that pays well and consistently; not something that a college degree guarantees. There are some programs that can help pay student loans off fairly quickly.
The PSLF Program rewards borrowers who choose to work in the field of public works by forgiving part or all of a loan balance. There are restrictions and a qualification process that you must complete in order to receive loan forgiveness. Military, teaching, health services, and several other public programs usually are considered qualifying careers.
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William D. Ford Loans only award PSLF to borrowers in good standing. If you have Stafford, PLUS or Unsubsidized loan you should be eligible. If you have other loans, you may need to consolidate them into a Direct Loan in order to get the benefits of the PSLF. Your loan can't be delinquent and you are still required to pay the minimum 120 payments. There various payment options to choose from to make payments more manageable.
Repayments Schedules to Clear Student Loans
Once your loan is in repayment status, there are several methods that you can apply for to make you payments more manageable. The Standard Repayment plan costs the least overall because it resolves the loan in the fastest timeline. Typically, the loan is paid off in ten years by sending a fixed amount each month. The payment can be quite high and will be determined by the total cost of your loan. In this plan, you will pay less interest, but the payments may be hard to meet each month.
The Income Based Repayment program calculates a new payment by taking into consideration your income and family population. The new payment must be below the current monthly rate multiplied by ten years. After twenty-five years of a good payment history, the remaining balance may be forgiven by the lender. There are certain criteria that you must meet in order to be considered for this. Working in the public service field will usually have a positive impact on the lender's willingness to forgive the loan.
Another option is the Income Contingent Repayment plan. The total household gross, family size and size of loan are calculated into a payment that will repay the loan in a twenty-five year span. In reality, the repayment is set up more for a twelve year payoff multiplied by 20% of your income. If your monthly payment does not cover the yearly cost, the unsettled amount is rolled on to the next year along with any interest accrued. This won't exceed 10% the loans initial cost. After twenty-five years, the remaining balance will be forgiven. Additional taxes may be applied.
The most direct way to clear your student loan is to pay it off as quickly as possible. This isn't always possible because life has a way of hitting roadblocks. There are options available that can make payments more manageable but will not make you continue payments for eternity. Paying off your student loans is sometimes about finding the best plan for you.
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