If you graduated within the past few years, you probably owe on student loans. In fact, if you’re average you owe more than $25,000. And you’re probably on what’s called the 10-Year Standard Repayment program. This means you have fixed monthly payments at a fixed interest rate and a 10-year term – or 10 years to repay those loans. But there are other repayment plans available that you might not be aware of. One is called Pay As You Earn. When it was originally created payments under this program were capped at 15% of your discretionary income. Did you know about this and would you be eligible? Many recent graduates aren’t even aware that there are other repayment options such as Pay As You Learn. The upside of this program is that if you qualify your monthly payments would be much less then under 10-Year Standard Repayment and probably lower than those of any of the other available repayment plans. This raises the question of would you be eligible?
Posted on: Sun, 30 Nov 2014 22:38:44 +0000
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