For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship.
But if your income is over a certain threshold, you won’t benefit from these programs.
This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.
offer benefits and protections that do not transfer to private lenders.
For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.
Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt.However, a cosigner is not required in order to apply.A cosigner is someone who shares responsibility with the borrower for repaying the loan.When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.