Paying Off Student Loans

0:00Paying off student loans. This is a money minute from in-charge education foundation and militarymoney.com. By the time you earn your degree, you may be standing on what seems like a mountain of debt. If this sounds like this could be you, here are a few things you should keep in mind. One, pay on time. Be sure that you pay your payments on time and as scheduled by the terms of your loans. Two, if you're struggling to make payments, look to the IBR or ICR programs. The income-based repayment and the income contention programs are programs available to help borrowers to reduce their loan payments to a percentage of their income. Three, public service and military service options. Under the public service loan forgiveness plan, if you make regular payments over a period of 10 years and work in public service, the remaining balance may be forgiven. New and listees and those who re-enlist have further options through the student loan repayment program, which may forgive up to $65,000 in total, paying a percentage for each year spent on active duty with Army, Navy or Air Force. This money minute is made possible by in-charge debt solutions. Visit us online at www.incharge.org