Student loan debt can be a stressful burden for recent college graduates, especially for those going into fields with lower entry-level salaries. Student loan debt often influences many other decisions in a recent graduate's life, such as where to live and making large purchases, such as cars or houses.
However, there are ways to reduce student loan debt or have loan debt partially or completely forgiven. Those with Stafford loans can enroll in a federal reduction program based on yearly income, while those in specific programs may be eligible for various forgiveness programs.
Stafford Loan Income Contingent Repayment Plan
According to the United States Department of Education, the Income Contingent Repayment plan (ICR) is meant to repay student loan debt under the Direct Loans program without causing a financial hardship. Those enrolled in this repayment option have up to 25 years to repay loan debt; after the repayment time is up, it is possible that the remaining debt may be cancelled at the discretion of the lender.
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