Millions of Americans have student loan debt, and many are struggling to pay the full monthly payments owed to them.
Many wonder if there are ways to not only make their payments, but also to be able to pay them comfortably.
The answer is yes, some people may qualify for what is called an income-driven repayment plan.
This makes debt processing easier.
Student loan: make sure you use the payment break
Who can apply for an income-based student loan repayment plan?
Those with federal loans may qualify for one of the income-based repayment plans.
This plan is specifically for people whose debt is greater than their income.
Student loan: when are they forgiven with income-based repayment plans?
Most people who have outstanding federal debt and need to make lower monthly payments can.
Even if you don’t qualify for an income-driven repayment plan, you may be able to get lower monthly payments.
These plans have no affiliation with the Department of Education or federal loan officers.
Nurses and debt forgiveness
The payment you make is a percentage of your earnings.
The percentage is determined by looking at your debt, income, and family size.
Some people may not earn enough to need to make payments.