From refinancing to income-based repayment plans—here are 5 tools, tips, and resources to help you tackle student debt:
or more in combined undergrad and graduate debt.
Here’s the good news: there’s help out there. From refinancing to income-based repayment plans, there are ways to manage student debt.During the Great Recession, banks grew wary of helping college graduates refinance their existing loans. With the economy suffering, mortgages foreclosures setting records and defaults on all types of unsecured products surging, traditional banks exited the student loan lending market.
Private refinancing of student loans certainly isn’t for everyone. Graduates who are employed in the public sector and/or borrowers who are already enrolled in a federal debt relief program could lose potential federal benefits from refinancing. Debt holders with questionable credit may not get approved for a refinance or pay too high of an interest rate to make it a smart choice.too, but a lower interest rate isn’t part of the deal.
The Department of Education offers four options. There’s the Revised Pay As You Earn program in which the payment won’t exceed 10% of discretionary income and terms are extended to twenty years. Graduate loans get terms of 25 years. With the Pay As You Earn option the payment is 10% of your income with a repayment term of 25 years. With this program, borrowers never pay more than the payment under a standard plan.
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