Thousands of college graduates are swamped with student loan debt and are struggling to make their monthly payments. Many borrowers are simply unaware that they may be eligible for an Income-Based or an Income-Contingent Repayment plan. These programs can often drastically lower borrowers’ monthly student loan payments by re-calculating the monthly payment based on each individual borrower’s discretionary income. This method relieves borrowers of unnecessary and substantial stress when borrowers are facing monthly payments that are grossly disproportionate to their income.
Attorney Dean Porter states, “Many borrowers are unaware of the existence of such repayment programs or of their eligibility to apply. Likewise, many borrowers who are aware are understandably confused at how to apply for these programs.” There are many pitfalls that borrowers may fall prey to in weeding through the baffling application and re-certification processes through government websites that are often difficult to navigate. Student Loan Law Group provides pertinent information to borrowers in order to prevent borrowers from making common mistakes that may result in the denial of their applications for these programs. Student Loan Law Group gives borrowers the tools to properly apply for and maintain eligibility for these repayment plans. Borrowers looking to significantly reduce their monthly student loan payments so that the payments are more consistent with the individual borrower’s ability to pay are encouraged to contact Student Loan Law Group for a consultation.
By scheduling a consultation with Student Loan Law Group, borrowers will have the opportunity to have a licensed attorney analyze their financial situation and advise them of potential eligibility for Income-Based or Income-Contingent Repayment Plans. Additionally, borrowers who schedule a consultation will gain access to clear and easy to follow instructions on how to apply for these programs and how to maintain eligibility status to keep their monthly payments as low as possible.
It is important to note that lower payments do not necessarily result in a longer term on these repayment plans. Oftentimes, student loan debt can be forgiven after so many years so long as the borrower makes each payment on their plan. Attorneys at Student Loan Law Group have rigorously studied the ins and outs of all of the various repayment programs available to provide borrowers with compact and comprehensible instructions on how to reduce their student loan bills.
