REPAYING THE STUDENT LOAN: by Menely A.

The act of repaying student loans after you graduate from college places you in stressful situations. There are a number of repayment plans that suit several different financial situations.The most fitting repayment plans for you will depend on factors such as your job, income, and family size.

• Income-driven:
• Public Loan Service Forgiveness -  A federal program available for government and nonprofit employees.
• If eligible, your remaining loan balance can be forgiven tax-free after making 120 qualifying loan payments.
• The advantage: there are lower monthly payments so you can use more of your income.
• Standard:
• Equal monthly payments for 10 years.
• You’ll pay less in interest and pay off your loans faster.
• Extended:
• This repayment plan is specifically designed for people who have large loan balances.
• It can only be utilized by those who have at least $30,000 in unresolved student loan debt.
• Helps those who are struggling, even if they have a reasonable income.

  

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