NEED HELP WITH YOUR STUDENT LOAN DEBT?

Does this sound familiar? You are barely out of college and just getting your foot in the door with a low paying or even a part time job.  Time is ticking away until those student loan payments begin and a big light bulb is going off in your head that says UH-OH…. Your salary is barely getting you from one paycheck to the next and the thought of that rather large student loan payment is frightening, to say the least.  How on earth can you afford your student  loans when you can barely pay your regular monthly living expenses?

I am here to tell you that there are options out there!

Option 1:  Income-Based Repayment:  If you are looking to have an affordable monthly payment this is the way to go.  I often find that most people want to pay their student loans if at all possible.  The IBR program is a great way to provide flexibility with repayment based on your current income, as well as offering a 25 year debt forgiveness period.

Check out this income based repayment estimator:

FAMILY SIZE                       1              2              3              4              5              6              7

$10,000                 $0           $0           $0           $0           $0           $0           $0

$15,000                 $0           $0           $0           $0           $0           $0           $0

$20,000                 $41         $0           $0           $0           $0           $0           $0

$25,000                 $103       $29         $0           $0           $0           $0           $0

$30,000                 $166       $91         $17         $0           $0           $0           $0

$35,000                 $228       $154       $80         $5           $0           $0           $0

$40,000                 $291       $216       $142       $68         $0           $0           $0

$45,000                 $353       $279       $205       $130       $56         $0           $0

$50,000                 $416       $341       $267       $193       $119       $44         $0

$55,000                 $478       $404       $330       $255       $181       $107       $33

$60,000                 $541       $466       $392       $318       $244       $169       $95

$65,000                 $603       $529       $455       $380       $306       $232       $158

Option 2: Pay As You Earn:  This program is designed for new graduates with federal student loans.  With this program you apply to have your payments lowered and do exactly what it says, pay as you earn.  This program offers a lower monthly payment cap than the popular IBR payment, not to mention there is a forgiveness time of 20 years.  There are some criteria for eligibility on this plan, but we’ve got you covered!

Option 3: Public Service Loan Forgiveness:  For all of you teachers, government workers, or nonprofit (501(c) (3)) workers, this plan is the way to go!  This program is designed to offer loan forgiveness to those going into the field of public service after 10 years of employment!

And for more on student loan debt you can also visit Studentloans.gov.  They offer a lengthy Q&A section about the different options available.

Need more information about Student Loan Debt Relief in Jacksonville FL?

Contact us at either of our Northeast Florida Offices for a FREE no obligation initial consultation