Graduating with a college degree is a normal path in life for a lot of Americans. However, more students are attending universities than ever before and college tuition is still on the rise. As a result, Americans collectively owe over $1.5 trillion dollars in student loan debt. If you’re one of the 44 million borrowers affected by what’s now referred to as the student debt crisis, a better repayment option could be available. In fact, here’s two ways qualified borrowers could potentially lower their monthly payments.
Income-driven repayment plan
For those who qualify for an income-driven repayment plan (or IDR), your monthly payment would be calculated based on your current income, family size, state you live in, and few other personal factors. Borrowers who successfully enroll in an IDR could experience a significant reduction in their monthly payments – which could be as low as $0 a month for those who qualify.
Student loan forgiveness
If you have student loan debt, you’re probably wishing it could be swept away. Good news! If you qualify for forgiveness, it might actually happen! There are several different types of forgiveness programs available – so first, you’ll need to find a qualifying match. Public service, teacher, military, healthcare, and a few other professions or even lifestyle situations that could qualify for forgiveness benefits. However, as with any plan, you need to qualify.
If you’re not sure where to start – or, if you need help finding out which programs you may available to you, check out Docupop! Their team can help you identify the options you may qualify for to help you find the best repayment plan available to fit your needs.