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Lowering Your Student Loan Payments When looking at job postings online, you will see that many jobs are looking for people that have a college degree. This is why millions of students each year decide to apply for college once they have graduated high school. However; college is very expensive as you need to have money to be able to pay for your books, housing, and tuition. Not everyone comes from a family where they are going to get help to pay for their college degree. To be able to pay for their college many students decide to take out a large amount of student loans. But, with a large amount of student loan debt many people can struggle to get the money it takes to pay them back. However; there is a student loan consolidation and forgiveness program that can make it possible for you to get out of debt. With the student loan consolidation and forgiveness program, you are going to be able to consolidate all of your loans into one single monthly payment. You are going to have several options to pay back this loan when you choose the student loan consolidation and forgiveness program. Many people choose the standard repayment where you pay a set monthly payment for the life of the loan. There is also the graduated payment where every two years your payment goes up until the loan is paid off. But, with student loan consolidation and forgiveness there are also payment options that will lower the balance you pay over the years. There is the income contingent payment plan where your monthly payment is based off of your income, family size, loan amount, and your interest rate. There is also an income based payment option where your payment is based only on family size and income. With these options there are people that qualify to make no payments each month.
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The pay as you go payment plan is another option for the student loan consolidation and forgiveness program. With this payment plan you need to pay ten percent of your discretionary income towards your monthly payments. Once you have made these payments for twenty years, the remaining balance and interest is going to be completely forgiven.
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When you have a large amount of student loan debt, you are going to have options to make paying for it much easier. 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 are going to want to research the payment plans to find the one that is the best for you.