Many recent graduates are experiencing feelings of jubilation combined with the fear of struggling to find some type of student loan debt help. President Obama held a Rose Garden event surrounded by students on May 31st, 2013 during which time he pressured Congress to prevent the increase of student loan interest rates from doubling on July 1st. "We can't keep saddling young people with more and more debt, just as they're starting out in life," Obama said in a statement published by ABC news.
Recently featured in a blog for Think Progress, (a project of the nonpartisan organization known as the Center for American Progress Action Fund) the CFPB, also known as the Consumer Financial Protection Bureau addressed a "new push to alleviate mounting student loan debt". So it is obvious that there has been a lot of thought as well as a lot of discussion about this current crisis that is evolving, but can or will it help you as a student burdened with loan debt?
There is one little known government program that established an income based repayment sometimes referred to as an IBR. This repayment plan actually became available late last year allowing some individuals to make lower monthly payments. This plan was designed to function as a pay as you earn type of a repayment plan for those who have a student loan debt that is high in relation to your income. This applies to specific types of loans so it may not be an option for everyone.
The best advice available to anyone experiencing any type of debt stress or debt overload is that it is important to take action to protect yourself and your interests. It won't help to just turn your back and hope that it goes away. This is a serious concern for many individuals that requires some expert help and guidance to get you on the right path. There are professionals available to help you understand all the fine print and red tape that you may encounter on the pathway to your future when it comes to finances and managing your debt. To learn more about your options contact us for a consultation of your situation with our expert recommendations as to the best pathway for you.