Help! Can't Afford Your Student Loans?

The common options for those who are having trouble paying off their student loans is to use student loan forbearance or deferment, which, while both valid financial aid tools, may be an expensive mistake. Though at first these and other programs may seem like a blessing: immediate relief from financial hardship, but no real problem-solving when it comes to massive debt. It can be a bit like putting a Bandaid on a serious wound. Alternatives that may be more effective are IBR, ICR and PAYE.
IBR is Income-Based Repayment, in which maximum monthly payments are 15% of one's income, with PAYE, the cap is 10% of one's income. ICR, is similar, with a borrowers' monthly payments determined by income, family size and the amount owed. If you work to pay it off for 25 years, any remaining debt on the balance will eventually be forgiven. The most important thing to do is speak to a financial counselor who you trust that has no incentive to pigeon hole you into the typical financial plans for student loan support, but rather, who will help you find the best one tailored for your needs and your present and future financial plans.

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