Federal Student Loan Repayment Plans Explained! 🎓💰
Navigating through the federal student loan repayment plans can be confusing. In this video, we break down the maze for you!
🔍 What you'll learn:
Overview of available repayment plans for federal student loan borrowers.
Key differences between repayment plans based on loan balance vs. income.
Examples of each type of plan including Standard, Graduate, Extended, SAVE (formerly known as REPAYE), PAYE, IBR, and ICR plans.
The concept of "loan forgiveness" and how monthly payments could be as low as $0.
How IDR plans can lead to potential outstanding balance forgiveness.
💡 Quick Tips:
Your loan type and origination date affect your plan eligibility.
Explore IDR if you're interested in loan forgiveness possibilities.
Loan consolidation could make you eligible for specific repayment plans.
🔗 Helpful Links and Resources:
StudentAid.gov (for more details on each repayment plan)
Stay tuned for our deep dive into each repayment plan in upcoming videos. Don't forget to like, share, and subscribe for more valuable insights on student loans!
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