Important Things To Know About Student Loans – Video
There is one thing that is common among almost all students and that one thing is student loans. They have continued to increase in both the amount of debt and the number of students that have student loans. Back in October 2015, the Institute for College Access and Success reported that almost 70% of all graduates from public and private nonprofit colleges had student loan debt.
Important Things To Know About Student Loans
Did you know, federal student loan can be forgiven? Working in the public service industry then you can get your federal loans forgiven even faster. You could be eligible for total student loan forgiveness with 10, 20, or 25 years of qualified payments.
If your have private loans you could be at the mercy of your lender, but for federal loan borrowers, you have repayment options. Just under the income-driven repayment plans, there are four options. Beyond that, there are much more. In the case that you haven’t changed your plan, you’re probably in a standard repayment plan.
If you do enroll in an income-driven repayment plan you have to familiarize yourself with the recertification process. If you want to retain your income-driven repayment plan that each year you have to re-enrol into the plan. Otherwise, your loan servicer will automatically put you back into a standard repayment plan which can result in a significantly higher monthly payment.
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