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There are millions of people that have put themselves in debt to be able to go to college. To pay for an education you are going to need to have money to cover your tuition, housing, and books. This means that many people end up having to take out tens of thousands of dollars worth of student loans. Luckily, in 2014 Obama passed a student loan and consolidation and forgiveness program that will help you to escape the enormous burden this debt is causing you.

 

With the obama student loan forgiveness plan program, you are going to be able to consolidate all of the student loans you have into a single loan. There are five different repayment options that you have for this new loan. With the standard repayment you will pay a fixed amount each month for the life of the loan. With a graduated payment you would gradually increase the amount you pay each year.  With income contingent the amount you pay each month depends on your income, loan amount, family size, and interest rate. With income based the amount you pay will only look at income and family size. And with pay as you earn you are going to pay ten percent of your discretionary income, based only on how much you are earning.

 

Part of the best student loan consolidation program is giving people a chance to have a large portion of their debt forgiven. Often it depends on you paying a monthly payment for twenty years. After making these payments you are going to qualify to have the remaining balance and interest forgiven.

 

If you are thinking about the student loan and consolidation and forgiveness program you are going to want to weigh your options. The amount you would pay for each one of the repayment options is going to vary a lot depending on your situation. By evaluating each option you are going to be able to find the one that will end up saving you the most money over time. You can also learn more guidelines regarding student loans by checking out the post at https://www.youtube.com/watch?v=XkyxktjuT9o.

 

Having a huge amount of debt can be the source of a lot of stress in your life. But, to get a good job many people put themselves in debt so they are able to pay for their education. With the student loan and consolidation and forgiveness program you are going to have a way to lower the amount you pay towards these loans.