Income Driven Repayment Plans: The Answer to Your Student Loans?
Updated on June 25, 2019
There are many reasons why a student loan payment can become burdensome, from family events such as the birth of a child to a gap in employment. Whatever the reason, there’s no need to have a high student loan payment create stress in your life. If your student loan payment has begun to have a negative economic impact on your life and is consuming too much of your paycheck, there are options available to you.
There is no need to suffer from a student loan payment that is crushing your budget if you qualify for an Income-Driven Repayment Plan. You will not need to go into default or deferment status and you will continue to meet all of the terms of your loan repayment.
What is an Income-Driven Repayment Plan?
When you apply for a payment plan your student loan will be calculated based on your current income level. You will no longer need to send what feels like all of your net income to pay off your student debt. If this sounds like the answer to your prayers, it’s time to apply for an Income-Driven Repayment plan today.
As your career progresses and you are able to pay more toward your student loan obligation your payment level will increase. Every year you will need to certify your current income level based on your IRS tax return. The process is simple and you will receive an answer in a couple of days. When you qualify for the program, you will enjoy a lower payment that will allow you to find your financial footing as you begin your career.
There is no reason to remain buried under student debt and have your quality of life suffer, find out if you qualify for an Income-Driven Repayment Plan today. When your student loan payment is in line with your current income you are better able to manage your financial health and live your life while still meeting your debt obligations.
Want to learn more about Income-Driven Repayment Plans and the other available options for student loan repayment? Visit studentloanify.com today and get your financial life on track!