When It Comes To Applying for Student Debt Relief, Never Mind the Middleman

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When It Comes To Applying for Student Debt Relief, Never Mind the Middleman

Dec, 9th 2016

People who hold student loans have more options than ever before to manage the payments without getting in over their heads financially. Today, anybody with a federally subsidized direct loan, which includes all federal student loans made since 2010, has the right to cap his or her monthly payments at a highly affordable 10 percent of discretionary income. ("Discretionary" means any income over 150 percent of the poverty level for your household size.)

In addition, anyone who works for the government or for nonprofits may be eligible for "public service loan forgiveness," which not only limits monthly payments but forgives the outstanding balance after 10 years.

Recent indications are that many people have managed to take advantage of these programs. The White House reported earlier this summer that the share...

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