College is exciting, educational, and expensive! After graduation, it comes time to get help with student loans debt, which is why Credit-yogi.com is here to share some ideas, such as: Differences between Private & Federal Loans, Income-Based Repayment, Pay as You Earn , Loan Repayment Assistance Programs

Phoenix, AZ -- (SBWire) -- 05/17/2013 --Distinctions between Federal & Private Loans
It’s important, when addressing getting help with private student loan debt, to know the difference between a private loan and a federal one. For example, a private loan cannot qualify for payment relief programs sponsored by the federal government. Private loans have variable interest rates, so they can – and will –rise. Federal loans meet the criteria for federal relief programs. They also have fixed interest rates and forbearance and deferment options if money gets tight.

Income-Based Payment Program
The Income –Based Repayment (IBR) program is a great source of help with student loans debt. It does just what it says: It bases one’s loan repayment on the amount of one’s income after graduation and grace periods. This is a federal relief program which mandates that the monthly payment for student loans cannot exceed 15% of his income. Remember that only federally guaranteed (FFEL) and Federal Direct loans qualify for this plan. One must be able to document a partial financial difficulty which shows that the total payments per month are more than 15% of one’s earnings. After 25 years, if any loans are still outstanding, they will be forgiven.

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Pay as you Earn Plans
If one is eligible, this program, devised by President Obama, can be an excellent way to help with student loans debt. One must be a new borrower, he has to have gotten his first loans on or after October 2007, and he must be able to show proof of financial hardship. He must also have a new loan from October 2011 or later. This can include getting one new loan, receiving loan disbursement on another loan, or loan consolidation. With Pay as You Earn, payments do not exceed 10% of one’s discretionary income. After 20 years of good payment history, outstanding loans will be forgiven.

Loan Repayment Aid Plans
Loan Repayment Assistance Programs are a huge help with private student loan debt. LRAPs, as they’re called, provide monetary assistance toward one’s loan payments. This means they can give one cash to help with loan payment! Check with one’s employer or school to see if they have LRAPs available. The federal, state, and some local governments also provide LRAPs.

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