4 Ways to Get Student Loan Debt Relief

Student loan debt relief can seem like a hassle to find. It can be well worth the energy however to look in to the different programs available to you.

Step One- Loan Forgiveness

The first thing you need to look in to when looking for student loan debt relief is a forgiveness program. The Public Service Loan Forgiveness program was put in place to help people who go in to careers in public service pay down their debt without causing financial hardship. The program recognizes that many service fields that require a college degree don't always start out with high wages. Paying these loans back can cause problems for people later on. If you've gone to work for any public service such as legal aid, nursing, non-profit organizations, or have devoted yourself to volunteer work through AmeriCorps or the Peace Corps, you may qualify to have part or all of your loans forgiven.

Step Two- Forbearance

If you are experiencing a temporary hardship and need student loan debt relief right away but don't foresee this being a long term situation, then a forbearance may be a good option. This will basically freeze the loan without penalty for a short period of time. This will allow you time to pay down other bills without having to worry about your student loan defaulting. This is not a long term solution, but it can offer relief temporarily.

Step Three- Deferments

If you need extra time to pay your loans, you can get student loan debt relief by deferring the payments. This won't reduce the amount the of the loan, it will simply push back the final payment date to allow you a few more months without having to worry about the loan. To find out more about deferments consult your loan provider.

Step Four- Income Based and Contingent Repayment Programs

These programs are great ways to offer student loan debt relief to anyone who feels they can't afford the payments. The income based repayment program will allow you to make payments based on your income. The amount of your loan repayment will be based on a sliding scale, and will never require you pay more than 15% of your income, even if you make more than 150% of the national poverty level. If you fall under the 150% mark, your payments would be $0.

The income contingent program is similar to this. This is based on your adjusted gross income from the previous year. Your loan amount will be adjusted yearly based on this. You will generally not be required to pay more than 20% of your expendable income towards your loan. You can also use the contingent repayment program for up to 25 years beyond your graduation date.

Justin R Stewart

Learn more ways to get student loan debt relief. If you are trying to consolidate student loans, visit our site to learn how to save money starting today!