Ways to pay more toward tuition

STUDENT LOANS

Students and families invest heavily in higher education. Many people who attend college rely on student loans to finance their education. In fact, Americans amassed $1.56 trillion in student loan debt by 2020.

Though President Joe Biden extended the student loan payment forbearance to Sept. 30, 2021 on his first day in office, borrowers should not rely on the president’s plans for student loan forgiveness to repay debt. In January, Biden officials reminded the public of the president’s proposal to forgive debt up to $10,000 in federal student loans per person. This could wipe out debt completely for 15 million borrowers who owe $10,000 or less. Such proposals will likely take time to gain support in Congress.

According to Forbes, American student loan debt is now the second highest consumer debt category, exceeded only by mortgage debt. The Institute for College Access and Success says the average student loan debt is $32,731, while the median student loan monthly payment is $222.

Some students feel like paying off student loan debt is impossible. Many loan repayment schedules kick in shortly after graduation, and certain borrowers may not yet be making enough money to afford even the minimum payments on their student loans. Thankfully, there are ways to get out from under student loan pressure. n Investigate income-driven repayment. IDR will lower student loan payments based on your income, and some plans even promise to forgive any remaining balance once the repayment period is up. That period can take between 20 and 25 years. Most federal student loans are eligible for at least one of the four income-driven repayment plans. n Work in public service. A Public Service Loan Forgiveness program, or PSLF, enables student loan forgiveness in exchange for working for a nonprofit or working in government. Be clear on requirements and terms that you must meet to be eligible. For some, working in a job for 10 years to receive loan forgiveness can lead to other professional and financial setbacks from missed experience in the appropriate career field. n Refinance the loans. Graduates may not be aware that they can refinance their student loans at a lower rate or choose new loan terms, including variable or fixed rates. Maturity dates can even be renegotiated in certain instances. It’s possible to save thousands of dollars in interest by refinancing, particularly if borrowers have a credit score of at least 650. If you are not being offered a better rate, do not refinance. n Make more than the minimum payment. Making only the minimum payments on student loans will not get them paid off fast, and the interest could pile up as well. By paying more than the minimum payments, you can pay down the principal more quickly. Stick to a schedule and continue to make payments. Designate tax refunds and salary increases to pay down student loan debt. n Ask for help. Speak with your boss about whether he or she can help pay off student loans. Some employers offer conditional student loan repayment to employees.

REPAYE - Revised Pay As You Earn Repayment Plan PAYE - Pay As You Earn Repayment Plan IBR - Income-based Repayment Plan ICR - Income-Contingent Repayment Plan

These are just some of the ways that student loan debts can be repaid quickly, efficiently and creatively.

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