For most, the reality after college is facing up years of paying for your student loan debts. While there are plenty of repayment options, you might want to check on the merits of student loan income based repayment plans.
What is it?
It’s basically a federal student loan bill, one that factors in your income. At present, there are four income-based options under the government. For the repayment option, though, you will need to check if: your current deferral loan bill is higher than 10 percent of your income and if you borrowed money for school after July 1, 2014. However, there are other plans you can check out. There’s a pay as earn plan, revised pay as you earn and even one that’s income-contingent, depending on your financial situation.
How to qualify?
You will need to meet income requirements. One of these include proof of partial financial hardship or problems you’ve had. If your income doesn’t meet the income threshold, you could opt for the Revised pay as you earn option since it doesn’t require any proof of partial hardship, says NerdWallet.
Which program to choose?
Different loans have different requirements. It could a while to fully understand the pros and cons of each one. If you have a demanding schedule at work, it could be a bit of a strain to try and explore those options on your own. No worries, though. There are companies that can provide you with assistance and support throughout the application process.
Why get help?
The application process can be complex and difficult. If you make a filing mistake, you could end up with delays or lose your chance at getting accepted into the right student loan income based repayment program for you. With the help of pros, you have a much better chance of getting the loan, with less stress and hassle. Get in touch with one today.
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