Dealing with College Debt
If you, or someone you know, is a recent college graduate, here is some helpful information that may help you deal with student debt.
The federal governments Income-Based Repayment Plan for direct loans and Federal Family Education Loan caps your monthly payment at an affordable level, based on your income and family size, which may be less than traditional repayment plans. Click here to learn more and calculate your estimated loan payment.
Deferment/Forbearance – Obtaining a deferment allows you to temporarily postpone your student loan payments. Forbearance temporarily reduces the amount you must pay. Talk to your loan servicer to learn if any of these is right for you and to find out if you qualify.
Loan forgiveness is when part or all your student loan is forgiven based on your commitment to working in a specialized field for a certain number of years.
Public Service Loan Forgiveness Program – This program encourages graduates to enter and continue working in public service.
Federal Teacher Loan Forgiveness Program – This program encourages graduates to enter and continue in the teaching profession in low-income schools. Click here for details.
Much of this information and more is also available on the Pennsylvania Higher Education Assistance Agency website, and the U S. Department of Education website.