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Don't Let the Loans Get You Down

Loans are one of the main stressors of recent college graduates. In addition to being financially responsible for paying rent, utilities and even food for the first time for some- they now how to figure out a way to dig themselves out of debt for getting a degree. On average, new college graduates ow around $37,000 in loans according to Cappex.com. This is more than many entry level salaries for recent graduates. Trying to figure out how to repay these with the least amount of debt is in the interest of many recent graduates. Here are a few ways that may begin to help with loan repayment.

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Teacher Loan Forgiveness Program

The government wants more highly motivated teachers so under the Teacher Loan Forgiveness Program, teachers who serve lower income families for 5 years may be eligible for forgiveness of over $15,000.

Private Sector Employment

Some private sector employers offer to help the employees pay back student loans as part of employment benefits.

Public Service Loan Forgiveness Program

People who work in public service jobs like non-profits can have loans forgiven if they meet certain requirements such as making 120 monthly student loan payments under a qualifying plan, working full time and a ten-year commitment to a job in public service.

It is important to keep in mind that there are many different loans and you may not be eligible for all types of aid in repayment. By keeping a smart budget and making consistent and manageable payments, even recent graduates can manage loan repayment.

SOURCE

http://www.businessinsider.com/4-ways-to-alleviate-your-student-loan-burden-2016-7


 

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

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