The golden rule of college student loan debt is to never default. Although an unsecured debt, it is notoriously difficult to write off and defaulting on a student loan will leave fewer options. Income based repayment plans, forbearance and deferring repayment will no longer be possible. Repaying student loans at an affordable rate is the best option when disposable income is limited. It isn't in anyone's interest to see the borrower default so a number of different forms of assistance and guidance are now available.
Income Based College Student Loan Debt Repayment
Since the 1 July 2009, it is possible to cap each monthly student loan repayment at a more affordable rate. Hard-up college graduates are now able to pay just 15% of the amount of income they make that exceeds the federal poverty line. Whilst subject to change, the current poverty line income has been set at $16,245. This means that, if that person made $25,000 a year, a monthly repayment of just $109.44 would be necessary. If the balance hasn't been completely cleared after a period of 25 years, the remainder will be written off. Sadly, any debt that is forgiven is treated as taxable by the IRS.
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