Sentences with phrase «kind of repayment programs»
Check out what kind of repayment programs are offered in your state.
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Under an income - contingent repayment program, borrowers with Direct Stafford loans of any kind, PLUS loans made to students, and consolidation loans have their monthly payment based on the lesser of 20 percent of discretionary income or the amount due on a repayment plan with a fixed payment over 12 years, adjusted for income.
Finally, you want to make sure that you're not eligible for any kind of forgiveness program that would knock out some of your loans before you agree to income - based repayment.
Under an income - contingent repayment program, borrowers with Direct Stafford loans of any kind, PLUS loans made to students, and consolidation loans have their monthly payment based on the lesser of 20 percent of discretionary income or the amount due on a repayment plan with a fixed payment over 12 years, adjusted for income.
With an income - based repayment program, borrowers with Direct Stafford loans of any kind, PLUS loans to students, or consolidation loans not including Parent PLUS loans have monthly payments capped at ten or 15 percent of discretionary income.
The program's rules are unusually complicated, and require borrowers to have a specific kind of loan (a direct federal loan), to make monthly payments under one type of plan (income - driven repayment) and to work for a qualifying employer (generally a public sector organization, or a 501 (c) 3 nonprofit organization).
Consolidation programs do not offer that kind of delay, but does offer a longer repayment term.
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With that kind of financial burden, it's not surprising that almost 90 percent of young workers have said they would benefit from a student loan repayment program, similar to a 401k match at their jobs.