Overview of Student Loan Repayment Programs

When working with student loan repayment, there are several options for you to consider. These repayment plans are designed to provide people from all walks of life with a plan that works for them. Here are a few things to consider about student loan repayment. 

Student Loan Repayment

Six months after you get out of college, you are going to have to start repaying your student loans. Typically, you will be able to choose from a variety of different repayment plans. You can choose a standard repayment plan, a graduated repayment plan, or an income sensitive repayment plan. The graduated payment plan will start out with a small payment and work up to a larger payment over time. The income-sensitive plan changes your payment based on how much money you make.

Repayment vs Forgiveness

There are specific industries that will allow you to have your student loans forgiven. If you are repaying your student loans, you have to pay them out of your own pocket. However, if you have your loans forgiven, you are not going to have to ever repay this debt. For example, there are several military programs that will allow you to get the majority of your student loans forgiven if you join one of the branches of the military. Teachers are another group that commonly get student loans forgiven.

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