When it comes to repaying your student loans, the different options can at first be overwhelming. There are seven different plans available to choose from to repay your federal student loans, four of which are based on your income level. After recovering from the initial sticker shock of seeing just how much student loan debt you have accumulated, it’s best to sit down and decide which of the various repayment plans will work best for you. Basic Federal Repayment Plans Basic repayment plans do
1. Recertifying is Essential Income-Driven plans are a great option for individuals faced with a high debt-to-income ratio, because they typically drastically lower the monthly payment. Your family size and income will be evaluated to determine the appropriate monthly payment for you, typically 10-15% of your discretionary income, depending on which Income-Driven plan you choose. Each year, however, you must recertify your family size and income, and your monthly payment may increase or decreased based on any change in circumstances. Your loan servicer is supposed to
Regardless of what your current financial situation is, everyone can always use a few tips and tricks for saving money. Thanks to the Internet, the days of digging for spare change in your couch cushions to add to your piggy bank are long gone. Whether you want to save some extra cash for the dreaded monthly student loan payment, or set it aside for specific goal, here’s five money saving tips that will have you racking up some savings in no time! 1.