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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 each year millions of people choose to enroll in college after they have graduated high school. But college is very expensive as you have to be able to cover tuition, books, and housing. Not everyone comes from a family where they are going to get help to pay for their college degree. 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. When you choose the student loan consolidation and forgiveness program, you are going to be able to consolidate all of the loans you have into one single 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 where your monthly contribution goes up every two years for the life of your loan. However; with student loan consolidation and forgiveness, there are also ways to lower the total amount you pay. One option is an income contingent payment plan where your monthly payment is based on your family size, loan amount, interest rate, and income. There is also an income based payment option where your payment is based only on family size and income. These options make it so some people do not have to pay anything each month.
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Another payment option for the student loan consolidation and forgiveness program is called pay as you go. With this payment plan your monthly payment is going to be based on ten percent of your monthly discretionary income. After you have been making these payments for twenty years, the remainder of your balance and interest will be forgiven.
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When you are looking at a large amount of student loan debt, there are options that will make it much easier for you to pay for them. With the student loan consolidation and forgiveness program, you are going to have a way to lower your monthly payment and get out of debt sooner. You will want to do some research on the payment plans to find the one that is best for your situation.