College Admissions Expert Elizabeth Levine: Help for Student Debt


Make text smaller Make text larger



Photos



  • Elizabeth Levine



Is there any help for students who are out of college and have student debt?


I receive panicked calls from young adults that have graduated college and/or graduate school asking for advice on how to manage their student debt that they now have to undertake and manage. Each situation is different but there is help that too many students don't take advantage of and should look into.

For a student's federally backed loans there are 2 programs that can cap your payments between 10 – 15% of discretionary income and the remaining loan balance will be forgiven (yes, I said forgiven, poof, gone!), after 20 – 25 years. As long as you are diligently making that 10 – 15% of your discretionary income payment, which could be as low as $10 per month, regardless of how much is left after 20 – 25 years (depending on the program you are in), the remaining balance, principal and all that interest is gone.

If you work in public service, and that means any working for the government or registered non-profit, your loans will be forgiven in 10 years.

What is astounding is that this program is significantly under enrolled, even with the government actively marketing these programs.

If you have student debt, I urge you to at least explore these programs that are available to help in managing your loans providing the opportunity to help you financially thrive as opposed to being strapped with loans and going backwards.

If you have any questions about the college admissions process or the above information please do not hesitate to contact me at info@signaturecollegecounseling.com or by phone, 845.551.6946.

Elizabeth Levine
Signature College Counseling is an Orange County, Hudson Valley based company
that works one on one with students and their families in navigating the admissions process so you attend the college that is right for you.
845.551.6946
Ask The College Admissions Expert a Question
www.signaturecollegecounseling.com




Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Eight Hudson Valley train stops worth the trip
No car needed for these summer events.
There will be some exciting events along the Hudson Valley this summer that can be reached by train.
With a ride on Metro North or...

Read more »

College Admissions Expert Elizabeth Levine: Errors When Completing FAFSA
Listed below are common errors people make when completing the FAFSA that can potentially mean tens of thousands of dollars to your bottom line when it comes to receiving...
Read more »
Image

Get it fixed for free at the Repair Café on July 21
WARWICK — Bring your beloved but broken items to the Repair Café for a free fix on Saturday, July 21, from 10 a.m. to 1:30 p.m.
Read more »
Image

Flexibility in Flight celebrates grand reopening of new studio
— Aerial yoga is a type of yoga which uses a hammock or yoga swing to allow students to perform postures that they may not...
Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers


MOST COMMENTED



Find more about Weather in Chester, NY