Consolidating college loans guide
Here are the student loan repayment plans that qualify for student loan forgiveness: The Income Based Repayment Plan (IBR) is one of the most common repayment plans borrowers switch to if they are having financial hardship.
If you have loans from July 1, 2014, you payment will not be higher than 15% of your discretionary income.
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It's estimated that roughly 50% of student loan borrowers qualify for some type of student loan forgiveness program.
If you’re not sure about doing it yourself, then Ameritech can help you find the repayment solution that’s right for you, and potentially restructure your loans so that you can qualify for programs you may not otherwise have qualified for.
You can call them at 1-866-863-3870 or check out their website here.
It sounds like it could be confusing, but it doesn’t have to be.
You can sign up for these programs for free at Student
With PAYE, you loan repayment will never exceed the payment of the 10 year standard repayment plan, and your loan will also be forgiven at the end of the term.
With IBR, you loan repayment will never exceed the payment of the 10 year standard repayment plan, and your loan will also be forgiven at the end of the term.
The actual amount of your “discretionary income” is determined by a formula based on your family size and income tax returns.
Check out the Public Service Loan Forgiveness Training.
It's important to note that while these “secret” student loan forgiveness options could be helpful to some borrowers, for others they may result in tax consequences (see taxes and student loan forgiveness).
If you want help, we recommend Ameritech Financial, a company I’ve personally vetted.