The best way to live with debt is to find the fastest way to get rid of it. If you’re still paying off your student loan debts, you might want to look over several student loan repayment options out there.
Types of repayment options
You can go for the standard, extended or graduated option. There’s also the PAYE or Pay As You Earn option or the ICR which is the income contingent option. Another is the IBR or the income based repayment plan. Weigh the pros and cons of these options so you can pick which plan is best for you.
Identify what you need
Do you want to lower your monthly payments? Maybe you want to ask for an extension on your loan term? If you find a good job and earn enough to pay off the debt in less time than your loan term, is that a viable option for you? Factor all these in before you pick any of the eight major student loan repayment options out there.
Check eligibility requirements
One of the first steps you need to do is to check the eligibility requirements for these options. You probably won’t quality for all so that’s going to filter out your options pretty quickly.
Know the perks
Work in public service? Then you’ll probably want to enroll in an income-driven plan, says Time. That way, you can take advantage of the policy that forgives any outstanding debt after a period of 10 years.
Prepare the documents
You aren’t going to be the only one applying for those loans, though. Improve your chances of getting approved by submitting complete requirements. Too busy with work? Get help from document preparation services. They can keep track of submission deadlines for you as well as ensure your forms are properly filled out and your submissions complete. That should give you an edge over other applicants for the loan.
