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Lowering Your Student Loan Payments 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 high school graduates decide to apply for college upon graduation. But college is very expensive as you have to be able to cover tuition, books, and housing. Many people do not have a family that are able to give them help to pay for college expenses. In order to pay for their college, many people choose to take out large amounts of student loans. However; graduating with a large amount of student loan debt can be a burden as people struggle to make enough money to pay them back. But, there is a student loan consolidation and forgiveness program that can make it much easier for you to pay for your student loans. 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 to pay back this loan when you choose the student loan consolidation and forgiveness program. The most common is the standard repayment where you pay a set number each month for the life of the loan. There is also a graduated payment schedule where the amount you pay goes up every two years until the balance is gone. 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 the income contingent payment plan where the amount you pay is based off your loan amount, family size, income, and interest rate. 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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The pay as you go payment plan is another option for the student loan consolidation and forgiveness program. 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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You are going to have options to make paying for your student loan debt much easier for you to handle. With the student loan consolidation and forgiveness program, there are payment options that will make it so you can lower the amount you need to pay each month. You will want to do some research on the payment plans to find the one that is best for your situation.