Pay As You Earn College Loan Repayment...This is a very good option if you have a lot of college debt - and nobody seems to aware of it... so you need to go searching. One of the big problems is that Sallie Mae, the business that administers much of the student loan program, is NOT telling college graduates about it. So educate yourself and save some money. The Obama Administration implemented this option recently and in June expanded it - Eligibility Requirements are located on the linked website - Ill summarize them here. Ive also linked an NPR podcast on the topic. npr.org/blogs/ed/2014/06/09/320351501/the-one-thing-obama-didn-t-say-about-student-loan-repayment?utm_source=npr_email_a_friend&utm_medium=email&utm_content=20140611&utm_campaign=storyshare&utm_term= If this is you or your child, or somebody you know - take a look. It could save you thousands of dollars...Finally, this program has implemented only because of the president - US Congress is doing nothing about the obscene cost of college, nor is the state government in Lansing. Call your representatives. Make your voice heard. 1 - Pay based on what you earn—Under Pay As You Earn, your monthly payment amount will be 10 percent of your discretionary income. 2 - 20-year forgiveness—If you repay under Pay As You Earn and meet certain other requirements, any remaining balance will be forgiven after 20 years of qualifying repayment. 3 - 10-year public service loan forgiveness—If, while you are employed full-time for a public service organization or a non-profit, you make 120 on-time, full monthly payments under Pay As You Earn you may be eligible to receive forgiveness of the remaining balance of your Direct Loans https://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn#advantages
Posted on: Mon, 30 Jun 2014 13:42:46 +0000