Cuting student loan payments
Many of you are probably still working to pay off your student loans. A new law called the Income-Based Repayment Plan could help make your payments more affordable. If you stick with it, the government could even pay off your debt. The College Cost Reduction and Accessibility Act created the program back in 2007. Starting July 1, students will be able to apply to see if they’re qualified.
I have been paying my school loans for 3 years now and have paid well over 10,000 just to one lender and only 1000 of that has gone to the principle. It makes me absolutely sick that about 15% of my monthly pay goes to school debt and so little of it goes to the principle.
Yes. Pure usery. Unfortunately when I was “Given” the opportunity to attend college (17) I was broke and on my own.(no parents..disabled vets). Perfect target for predatory lending, all the while they boasted no child left behind. Who in their right minds steers young poor folks into a $30,000 dollar debt with no collateral? Those who hold guaranteed loans that’s who.(US Government) Don’t even get me started on the Veterans Administration and how they screwed my mother and I. But…I digress.
@Moveontonumber2 I don’t see how you do it. The thought of it makes me see red.
this payment plan is for those with federal student loan not private
This furthers the scam, allowing them to make MORE money by prolonging your payoff. My original debt
$30,000. Paid to date $14,000. How much do I owe?
$50,000! Good luck! Right now I’m paying $700.00
per month. Final cost of my loans at time of payoff $90,000. WELCOME TO THE DEBT TRAP!
Sounds too good to be true, the only thing a college grad needs to do is live in poverty and report their income until they are 55 or 70 years old.