Here's how to get student loan forgiveness—and it's not what you may think
Many borrowers are surprised by this. If you’re paying less each month, don’t you save money? No. Your lower payment is really a temporary solution. Interest will accrue on your student loans, even when you make a lower payment. The cost of your federal student loans likely will be higher under an income-driven repayment plan compared with the 10-year standard repayment plan.Each year, you have to recertify your income. Therefore, income-driven repayment plans require annual maintenance.
If income-driven repayment or formal student loan forgiveness programs are not for you, then you have two other primary options:is the process of combining your federal student loans into a new federal student loan called a Direct Consolidation Loan. Only federal student loans are eligible for Direct Loan Consolidation. With federal student loan consolidation, your interest rate does decrease.
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