Cemetary Promotions

An increasing number of Americans need student loan help. Is this you? If so, read on; there are several ways you can decrease your student loan debt.

First of all, many loan programs will offer to extend the term of your loan if you request it. What this means is extending a loan from, say, 10 years to 15 years or 3 years to 6 years. This means you are repaying your debt over a greater number of months, which means the monthly payment goes down, sometimes significantly. Is there a drawback to this? Yes, and it’s worth considering: since you are taking longer to pay, you will end up paying more interest on your debt. The total amount you pay over the years will be greater, even though the monthly payment has gone down.

Another wonderful option if you’re in the US is the federal program known as the “Pay As You Earn” program. This was announced by President Obama and offers a wonderful way of limiting what you pay. When you apply for the program, they will help you figure out what your net income is above the poverty level. Then, they will cap how much you have to pay on your loan at just 10% of that income. That means if you’re making $45,000 a year and have $60,000 in school debt, your monthly payment could drop from $690 to $239 a month, according to CBS.

Solutions like this mean there is hope and that you don’t have to default on your debt. With planning and the help of an expert you can get your life back on track.

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