Consolidating student loans advice sallie mae
I asked him to explain more and he sent me this post.I read it and even got permission from the website owner, Jay Guin to use this post that he also has on his website.Assuming ten more years of work in ministry, his entire balance will have been covered by the federal government.Loans qualifying for both Public Service Debt Forgiveness and Income-Based Repayment must be serviced by the William D.If yes, ask yourself if you truly believe that you will work in ministry for the next ten years. Step 2: Determine if your current loans are eligible for consolidation into the Direct Loans program.Any kind of Stafford, Perkins, SLS, or Grad PLUS loan counts.
A married minister (filing separately) with two children, a ,000 per year income with ,000 in housing and other allowances, and a balance of ,000 will most likely have his monthly payment reduced to zero under Income-Based Repayment.
If you have any questions either Cary or I could try and answer them in the comments.
One of the most burdensome financial obligations faced by many young ministers is an increasing student debt load.
However, as of July 2009, many ministers now have a way to substantially reduce, and in some cases eliminate, the burden of their student loan debt.
This is made possible by taking advantage of two programs now offered by the Federal Government: Income-Based Repayment and Public Service Debt Forgiveness.