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Managing Student Loan Debt is Big Issue Today

Repayment Programs (Income-Based) -If your payments on eligible federal student loans are in excess of 15% of your earnings above 150% of the poverty level under a 10-year standard repayment plan, you may be eligible for an income-based repayment program. Under this program, your outstanding loan balance may be forgiven after 25 years of qualifying repayment.

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Managing Student Loan Debt is Big Issue Today

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  1. Tips ToManageYourStudentLoanDebtbyStudentLoanConsolidationExpertBruceMesnekoff Repayment Programs (Income-Based)-Ifyourpayments on eligiblefederal student loans are in excess of15%ofyourearnings above150%of thepovertylevel under a 10-year standard repayment plan,you maybe eligibleforan income-basedrepayment program. Under this program,your outstanding loan balancemaybeforgiven after 25years ofqualifying repayment. Pay As You Earn (PAYE) : As BruceMesnekoffsaid PAYAs YOUEarn also caps repayments based onyour income, and will forgiveoutstanding federal student loans after 20years. Under PAYE, payments must exceed 10%of whatyou earn above150%of thepoverty level underastandard 10-yearrepayment plan. To beeligible,you musthavetakenyour first federal loan after September30, 2007 and at least oneloan after September 30, 2011. Loan Forgiveness AfterJoining PublicServices– According to BruceMesnekoffcertain federal loans maybeforgiven after 10years of qualifying payments ifyou takeajob with federal, state orlocal government, a non-profit andother publicserviceorganizations, this will bebest wayto get forgiveness from FederalLoans. Work as VolunteertoGetBenefits-There are anumberof programs, e.g., AmeriCorps, Peace Corps, themilitary, in which servicewill accrueabenefit that reduces an outstanding loan balanceinan amount that varies depending upon theprogram. Pre-Pay PrincipalAmount – According to BruceMesnekoffPre-payment of principal may help lower thelifetime interest costs of aloan.Toraise cash to fund pre-payments, oneideais toask that birthdayand holidaygifts be cashand direct anyraises, bonuses orovertime payto pre- payments.Ifyou do pre-payprincipal, besureto target theloans with the highest rate ofinterest. Loan Consolidation-You can consolidateyour federal loans through the DirectLoan program At StudentLoan Help Center, or through aprivatelender ifyou haveprivateloansor consult with student loan consolidation expert BruceMesnekoff. However, this mayonlymakesenseifyou can obtain an overalllower interest rate. Tips given above arejust forinformational purposes only, and should not be considered a substitute for amorecomprehensive student loan evaluation.

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