Pay Off Student Loans With Debt Relief Government Grants
Many college students overwhelmed with student loans want to know how to pay off student loans with debt relief government grants. Here are new options available: President Obama's debt relief government grants assistance and the Income Based Repayment program.
Debt Relief Government Assistance
The government debt relief assistance is aimed toward helping individuals with extremely high debt. According to aid officials, even though it does not pay for all of a person's debt, it may pay thirty to eighty five percent. This is for a US citizen that is over 18 years old and can show that they are in deep financial trouble.
A college student's loan may qualify as overwhelming debt. It is important to provide the loan's documents, and all expenses, income, and other loans. The government official will check to see if the documents match the information on the application. If they match and show financial trouble, the more likely assistance will be awarded.
College Student Loan For Debt Relief
There is help available from a federal program that just started on July first of 2009. Students can have their monthly federal student loan payments reduced to under fifteen percent of their total income through the Income-Based Repayment (IBR) government aid program.
It possible for a college student to pay nothing on their federal student loan. If their yearly income is under $10,400, or one and 1/2 times the government poverty based on the household as of 2008, they can get all the loan paid for.
Higher incomes, that also qualify for the IBR can get their federal student loan reduced to fifteen percent of the difference of their yearly income compared to the minimum income poverty allowance.
If they work in public service and make a low yearly income, by paying for ten years on their federal student loan, they may get the remaining loan balance totally forgiven.
Also, for any type of job, individuals with low incomes that have paid regularly for twenty five years, may have their entire remaining balance forgiven.
To pay off student loans with government grants, can eliminate a huge burden off millions of new college graduates. Since more people are finding out about this kind of government assistance, there is a lot of competition. Consequently, applicants should apply right away for either one of the debt aid or for the IBR program while the funds are still available.
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