What You Need To Know About This Type Of Loan Repayment

01 Dec What You Need To Know About This Type Of Loan Repayment

You’ve been out of college for a little while now and you finally landed a steady job where you can afford to live. However, before, when you were working a temporary job, you had filed for an income-driven student loan repayment program where your payments were affordable due to your smaller salary. Now, your salary has increased significantly, what does that mean for your payments? Today’s article discusses how you can avoid ridiculously increased payments because of a change in your salary. Here’s what they had to say, “…let’s look at what it would cost a student loan borrower with $40,000 in income and $40,000 in student loans if their payment increases. The payment on Pay as You Earn would be less than $200, while the standard 10-year repayment plan payment would be over $450. Even if the borrower’s income increased by $10,000, submitting new paperwork would still save them about $200 per month on their monthly payment.” To read more, CLICK HERE.