An income-based repayment option on federal student loans sets to aid struggling college students in repaying student debt. Many lenders are said not to be advertising this perk, but it is out there and an excellent way to avoid defaulting on a student loan. If you are having trouble repaying your student debt then a forbearance is always an option, but this income-based repayment plan is going to allow you to pay off the loan without gathering vast amounts of interest.
There are people who are there to help and some companies are advertising student loan debt relief through these income-based repayment plans for anyone with hefty federal student loans. It only takes a little time and effort to seek out this offer of student loan debt relief.
If you have student loans from more than one lender then consolidating the loans may be the easiest way to go about taking advantage of the income-based repayment plan, but talk to lenders and make sure you will be able to take advantage of the student debt relief that comes from an income-based repayment plan if you take these actions.
Talk to your federal student loan lender and explain your situation, asking if you qualify for an income-based repayment plan, and if you don’t get help then either call again or contact another lender, possibly a government lender for student loans, and see if there is any help there. Basically, keep trying because you will find someone who will help. Defaulting on a student loan is no way to start your credit life just out of college.
Many students coming out of college in the state of NC may be seeking ways to borrow money with little credit. Some will seek out a BB&T secured line of credit as a way to borrow this cash. It is important for all students to remember that loan payments must get repaid but it is never smart to take out loans to pay off other loans.