Education has indeed got costly nowadays, and even though students dream of pursuing any particular discipline, they at times couldn’t afford to do that. However, in the 21st century, no one’s dream stays incomplete because of financial incapability. Most of the concerns are ready to give loans to the candidates who are worthy of it. However, they need to repay it once the course is completed. There are options, and Performance SLC believes that there’s no harm in looking back and have an idea of these options to repay the student loan earlier.
Most of the loan programs that one applies for have specific eligibility pre-requisites as well. But that doesn’t mean the entire process of paying back the loans will be straightforward. Depending on the loan plan, the period required to get out of it will also be determined as well.
Know In Details from Performance SLC How to Get Out Of Student Loan Debt
First comes the Income-Driven Repayment Loans
For those, who still have got some balance left at the end of the 20 or 25 years of income-driven repayment plans, the remainder gets forgiven for sure. Also, these programs allow the students to decrease their monthly installment as well. Depending on the income bracket, and the percentage of the income that you pay as your installment, the amount is being determined. However, one thing needs to be considered for sure. If the period of repaying the loan is being stretched over two decades, one will end up paying much more. And the forgiven amount that will be considered at the end of this period will come under the taxable income bracket.
Second is the Perkins Loan Cancellation and Discharge
Many prefer to take up the Perkins Loan; they have several programs planned which help the students to waive off their loan amount. There are the Peace Corps and the AmeriCorps Vista programs which are being served in the heart of the US, generally in those hostile areas where the US armed forces serve in the extreme of the conditions. Those who avail the loans under the Perkins Loan program get the opportunity to serve under these programs waiving off the entire payback of student debts.
There is a special allowance for the veterans who have got service-connected disability in America for sure. They do qualify to receive Social Security Disability Insurance and Supplemental Security Income as well. Any candidate who has taken a student loan and later in life has had service-connected disability qualifies for the Total and Permanent Disability Discharge. Performance SLC finds this to be a noble move on behalf of the US Government allowing these citizens survive the remaining few years being financially stable.
However, these are some of the special cases which have been discussed, and hence students must not rely on them. The best way is to get the right work done and pay it off in significant amounts as soon as possible.