According to the Federal Reserve Bank of New York, outstanding student loan debt is at $1.2 trillion dollars, with 11% of that being delinquent. The increasingly high cost of a college education and stagnant wages threaten the American dream. There are many debt relief options available to student loan debtors.
You can reduce your monthly federal student loan payments by enrolling in the Income Based Repayment program. Under IBR, your payments will be capped at an affordable amount, based on your income. After a certain number of years, unpaid debt is forgiven..
In this guide, you’ll learn about student loans: how much is a safe amount to borrow for a given career path, why you should calculate the total cost of your education before you go, and how to calculate your future payment, based on interest rates and repayment plans.
It’s a common question: what should you do with extra money? Pay it toward your student loan debt, credit card debt or both? Find out how to achieve sustainable debt relief and lower monthly payments on both your student loans and credit card debt.