Across the entire country, there are over 40 million Americans carrying the burden of student loan debt. With too much competition in an extremely saturated job market, these Americans have struggled to find gainful employment with an income that corresponds with the cost of their education. As a result, they are left with financial exhaustion and an inability to keep up with their monthly student loan payments. Each week, many Americans earn paychecks only to see that their paycheck is almost entirely depleted immediately upon being deposited into their bank accounts.
Many borrowers of student loans are expected to make monthly payment amounts that are equivalent to their mortgage payments. Most Americans simply cannot afford to make two mortgage payments each month – one on their home and one on their student loans. Options do exist to reduce monthly payments so that the financial burden of repaying student loans is more manageable. The government has implemented income-driven repayment plans for students harboring federal student loan debt.
These income-driven repayment plans cap the payment amount that can be requested from the borrower each month to a portion of the borrower’s disposable income. These plans analyze each individual borrower’s personal finances and create a new payment plan based on the borrower’s income and household size. Household size can significantly reduce a student loan payment under these programs because the government recognizes that having multiple children to take care of greatly reduces the borrower’s ability to make a monthly student loan payment. These income-driven repayment plans take into consideration the totality of the borrower’s circumstances when determining a fair monthly payment amount that the borrower can reasonably be expected to make.
The problem with these repayment plans is that most borrowers do not know about them. Borrowers who have heard of them likely do not know how to apply or have tried to apply but have gotten caught up in some of the program’s pitfalls, such as the annual recertification process. Student Loan Law Group offers the tools and information needed to successfully apply and maintain status within income-driven repayment plans. Borrowers who would like to know more about which income-driven repayment plans they may be eligible for are encouraged to join Student Loan Law Group’s online community. Membership to Student Loan Law Group’s online community offers an ever-growing and constantly updated knowledge base filled with information pertaining to student loans and an optional thirty minute consultation with a licensed attorney who has painstakingly studied student loan laws, federal student loan programs and debtors’ rights laws. Borrowers should not delay in resolving their financial woes and overwhelming student loan payments. To become a member of Student Loan Law Group today, contact 888-843-1706.