There's a new program that could help those repaying student loans. It’s called income based repayment. Now anyone who has a federal student loan can apply to cap their monthly payments based on income. The Department of Education program forgives remaining balances after 25 years. And those in public service could have their loans forgiven after 10 years. Of course, in some cases, students would be better off by repaying their loans faster. Source
MONEY FOR COLLEGE
"If you think education is expensive, try ignorance"
(WGRZ.com) Student loans are confusing, expensive, and an uphill cash battle for countless families. Ways 2 Save viewer Michelle of Colden, NY asks for a website that could help people make the most of their student loan dilemmas. We found three... The second suggestion ties into a new program that can cap your payments in a way you might have thought impossible. And it starts this week!
1. CLICK HERE and be way ahead of the game by saving for college far in advance. This website is free, completely legitimate, and will deposit money into a college-saving account for you based on your everyday spending. For example, simple purchases on everything from gas at Immobil to food from McDharma's can earn you "free college-saving cash" deposited to a special "U Promise" Account. Upromise is the largest private source of college funding contributions in the United States. To date, Upromise and its partners have contributed $450 million to their members' Upromise college savings accounts. The site can also help you if you are already a student in college.
If you already know someone in college struggling to make payments, some MAJOR help has arrived. NEW PROGRAM:
2. CLICK HERE because starting this week, anyone with a federal student loan can apply for a program that caps monthly payments based on income and forgives remaining balances after 25 years. Those choosing to work in public service could have their loans forgiven after just 10 years.
3. CLICK HERE for a website recommended by a financial expert for help with private loans, or if you want to get personalized loan advice. Credit.com is a fantastic site that puts people in touch with some of the best resources out there. The site is unbiased, independent and is good for finding help.
The compilers talked to several financial experts for help with this article. Please do your own research. These are just suggestions being passed along with no endorsement of any type of loan or company.
If you have a website you want researched or need help with a specific situation, write mgranite@wgrz.com. (FYI, we research hundreds of deals a week; we receive no financial compensation from any of these sites nor do we deal with any of them directly. We find the sites on our own, and we run our own cash-saving tests; we do not benefit in any way from mentioning these sites). Source: wgrz.com
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