Tag Archives: StudentDebt

Jobs That Qualify for Student Loan Forgiveness

Private and federal student loan debt currently stands at $1.6 trillion. Many borrowers struggle to make payments, and some studies suggest the default rate on federal loans could hit 40 percent by 2023. However, there are many payment options that can help federal student loan borrowers avoid default. There are also programs in place that can help federal borrowers receive loan forgiveness for working in certain types of jobs. Below, we have included more information about the types of jobs that qualify for forgiveness under certain programs. Federal, State and Local Jobs If you work for a federal, state or local entity, then you may qualify for the Department of Education’s Public Service Loan Forgiveness (PSLF) Program. Examples of qualifying jobs could include working for the FBI, CIA, state legislature or as a police officer for a municipality. However, there are additional requirements that are notorious for creating confusion. For…
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What to Know About Recertifying Your Income-Driven Repayment Program

The Department of Education offers four income-driven repayment (IDR programs) programs for federal student loan borrowers (IBR, ICR, REPAYE and PAYE). These programs limit your monthly payments to a percentage of your discretionary income. However, there is a universal rule that applies to these four programs—you must recertify your income each year to stay enrolled. Whatever you do, do not forget to recertify by the deadline! Here is a  hypothetical example which demonstrates some of the consequences of forgetting to recertify your student loans. What Could Happen If You Do Not Recertify Let’s say for example that you are enrolled in the IBR program, which limits your monthly payments to $117 per month. Your monthly payments under the standard 10-year repayment option would be $480 per month. You are also enrolled in automatic payments through your loan servicer, meaning your checking account is auto-debited each month. Then, for whatever reason,…
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Five Apps That Can Help You Pay Off Your Student Loans

Fifth Third Bank –a group of banks with branches located in the eastern half of the United States– created a mobile app designed to help its customers pay off their student loans. So far, the app has helped customers dispose of $1 million dollars’ worth of student debt. The app works by rounding customer debit purchases up to the nearest dollar, then applies that extra money to the customer’s education loans. The bad news, of course, is it’s only for Fifth Third customers. If you’re not one of the fortunate, here are five similar apps designed to help conquer your student debt. 1.      ChangeED Much like the Fifth Third Bank app, ChangED helps borrowers pay off debt by rounding purchases up to the nearest dollar. “Round-up” apps help borrowers utilize “spare change” to save money–or lower debts. ChangeED works specifically to help speed student loan payoffs. If you choose this…
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