While you’re searching for deals on a TV or bread maker, don’t forget to look into what kind of deals you can get on your student loan payments.
If you, like me, graduated in May, your grace period ends next month. That means we have to start paying back our loans. If you have federal loans, there are income-based repayment options out there designed to help us first-timers pay back an amount we can afford each month.
It’s easy to apply to these programs. I did it myself this past month. My loan servicer gave me an estimated monthly payment of $525.00, but I applied for and received approval to repay under the Pay As You Earn (PAYE) plan. So, instead of $525, my monthly payments will only be $122.00. For those of you working in public service, you might also be eligible for a 10-year loan forgiveness program.
Income-driven repayment plans aren’t going to help make college affordable. However, they can at least help many of us -- who aren’t rolling in dough -- make our payments on time and avoid going into default.
For more information on which income-based repayment plan you might be eligible for, click here, and don't forget to share the graphic on Facebook to remind your friends and family to do them same!