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Student Loan Repayment Program Options

August 30, 2011

Student Loan Repayment Program Options

If you are looking for a great student loan repayment program, then you are in the right place as this aricle will list off many of the different repayment programs you can use to pay off your student loans. These programs will cater to whatever you can afford as well as range in different lengths of time in which you can repay your loans, which will be listed below. If by chance you can to this Student Loan Repayment Program page and were looking for student loan forgiveness programs, which are often times confused with repayment, click on the blue link that says “student loan forgiveness”.

Student Loan Repayment


Student Loan Repayment Program - 5 Different Options

  1. Level/Standard Student Loan Repayment Program – This option is the most used out of all of them, where you pay a monthly payment which starts as low as 50 dollars and it stays that way until your loans are fully paid off. These plans are usually set at a 10 year repayment period.
  2. Extened Student Loan Repayment Program – This plan is for those who are in a pinch financially and are looking for lower payments. Lower payments are available through this student loan repayment progam option because the length of repayment is extended from the regular 10 years to ranging from 12 years to up to 30 years with payments as low as 5 dollars.
  3. Graduated Student Loan Repayment Program – This option allows one to start off with lower payments in the beginning of loan repayment but increases every two years thereafter. This plan is set as a way for students to get their first job where pay will be a little lower, and as the get raises and better income opportunities, the payments will go up. These plans are generally set as well for 12 to 30 years.
  4. Income Contigent Student Loan Repayment Program - This option is has many similarities as the Graduate repayment progam being that it increases after a certain timeframe. This option allows one to start out by paying as low as 5 dollars if that is all your income permits and is fully based off 15 percent of your income. The great perk with this student loan repayment progam is that if your loans total above 50,000 dollars, you can pay your loan payments for 25 years, then after 25 years is up, whatever is left on your loan will be eliminated.
  5. Student Loan Forgiveness – This student loan repayment program method can provide you with student loan relief in the form of either a percentage off every year you work, or lump payments you can use towards your loan each year of service and can be utilized by working public service jobs, jobs where the area is low income or volunteer work.

Student Loan Repayment Program – Conclusion

Some loans are limited to the different student loan repayment program methods above as well as forgiveness programs. To learn about what is available to your particular situation, you should inquire about it through your student loan lender who can give you more information. Another way that you can check out is consolidation which can offer an extended student loan repayment program as well as grouping all of your loans into one lump loan payment.

Great Lakes Student Loan – Overview & Loan Options

August 30, 2011

Great Lakes Student Loan

Since you are either looking for more information on the Great Lakes Student Loan options or you have come to this page because you have no idea who they are, we will give you information so that you can familiarize yourself with who they are and just what they have to offer. Great Lakes Student Loan options are offered through a organization called Great Lakes Higher Education and are essentially the middle man between lenders and schools meaning that they don’t provide the money for loans connect the lenders they are affliated with with borrows who come to them. Great Laks Student Loan optiosn are both federal and private loans, giving you a one stop shop to finding the loans you need for college.

Great Lakes Student Loan

Great Lakes Student Loan – Loans Offered

There 2 categories of  federal Great Lakes Student Loan options that you can choose from, federal which are in the form of direct loans and private loans. It is highly suggested that you take advantage of these first as they provide the lowest interest. The options are offered though the Federal Family Education Loan Program (FFELP) and offers these different loans:

  1. Stafford Loans – This Great Lakes Student Loan option allows you to get either subsidized loans which are based of financial need, or needs based, and unsubsidized loans. The Subsidized loans provide the benefit of your interest being paid while you are in school and never have to pay it back, and the unsubsidized loans require that you either pay the interest while you are enrolled or pay it on top of your loan after schooling is finished. These loans have fixed interest rates which are found as low as 4 percent.
  2. PLUS Loans – These Great Lake Student Loans are for both parents who are looking to take out loans for dependant students or for graudate students through their Graduate PLUS loan option. This Great Lake Student Loan option also has fixed interest rates but are found to be a little higher than Stafford Loans.
  3. Private Great Lake Student Loan - As far as the private loans go, Great Lakes is affilited with many different lenders whom you can use if the federal loans do not offer you enough funding.

Great Lakes Student Loan – Other Services Offered

Now that you know what there is to offer as far the Great Lakes Student Loan options go, they also are an excellent resource when it comes to:

  • Consolidating student loans
  • Postponing you student loan monthly payments
  • Lowering your monthly dues
  • Making changes to your repapyment plan

Great Lakes Student Loan – Conclusion

Knowing this, you can basically deal with just one organization, being Great Lakes, for anything related to your school loans, obtaining, paying and consolidating and lastly are there to help you budget when it comes to repaying your student loans. So having a Great Lakes Student Loan or multiple loans can provide a much better experience because you are dealing with a servicer as Great Lakes is, who is there to help with multiple facets of your student loan, not just there to collect at payment time.

Student Loan Repayment – Options You Can Use

August 30, 2011

Student Loan Repayment

There are many student loan repayment can be options that you can consider that can cater best to your situation. Whether you are looking to pay your loan off faster, or slower or anywhere in between there can be a method that suits you best when payment times comes, which is usually 6 to 9 months after the conclusion of your schooling. To get your familiar with student loan repayment, the different options will be listed below and if you happen to be looking to be looking for ways to pay it off faster, we’ve got you covered there too as there will be 4 different ways in which you can use to pay your loan off faster than ever.

Student Loan Repayment

Student Loan Repayment – Repayment Options

Here are 6 of the most used student loan repayment problems that people are using today.

  1. Standard Student Loan Repayment – The repyament time for this option is what all the loans are set at through the lender you went through to get your loan when you first signed your contract. This plan is usually on the short end, probably 10 years and is good if you want to pay you loan off quick, but it will yeild the highest payment plan. It is good to know that this repayment plan can be switched in the beginning, usually the first 1-6 months of loan payments. Monthly payments can be as low as 50 dollars.
  2. Extended Student Loan Repayment – These can be either negotiated with your lender or done through a consolidator. When you extend you student loan repayment period, you are taking your repayemnt timeframe and making it from usually what is 10 years with most programs to 12 to 30 years as well as at least 50 dollars is demanded for monthly payments.
  3. Graduated Student Loan Repayment Plan – This plan is one where your loan payment starts out low and increases after a certain amount of time, usually being every two years it will increase. This is a great way to pay low payments when you get your first job, and be able to establish yourself and pay more later when you are earning more. This student loan repayement option usually offers payment plans that range from 12 to 30 years as well.
  4. Income Sensitive Student Loan Repayment – This option is fully based off what you earn. You monthly payments will be adjusted to a rate at which you can afford.
  5. Income Contigent Student Loan Repayment – This is similiart to the Income Sensitive repayment plan, but this one will have monthly payment increases as your income increases.T hese payments have been as low as 5 dollars per month for some people and is based off 15 percent of your income. For loans above 50,000 dollars, after you pay 25 years of payments at 15 percent of your income, the rest of your loan will be forgiven. This student loan repayment option is the best for those who went into law school, schooling for doctors and any other schooling where loans were very high.
  6. Student Loan Forgiveness – These programs are where you work a public service job, community service or a job in a low income area or similiar, and these programs either offer you a large chuck of money for each year of service, also they can pay a percentage of your loan each year of service, or you work a low income job and make 120 straight on time payments, and after the conclusion of the 120 payments, whatever is left your loan is wiped clean.

These are methods of student loan repayement where you are paying your loan bills, other ways in which do not involve paying are forbearance, student loan default, economic hardship, student loan bankruptcy among others.

Student Loan Repayment – What To Do Now

Now that you know the differet options when it comes to student loan repayment, and you want to use one of these repayemnt methods, the first thing you should do now is to make a budget or your expenses which will give you a better idea of what student loan repayment plan would best fit your situation. After you do this, inquire through your lender or lenders about changing your student loan repayment method.



Direct Student Loan – Overview & Loan Options

August 30, 2011

Direct Student Loan

A direct student loan is a great resource to use when your other financial aid options like scholarships and grants are not providing you with enough money to complete your education. There are many benefits to taking our a direct student loan, which if you are not familiar with the term, direct student loans are federal loans that provide you with loans that are lower interest than private loans and can either be taken out by the student, or by the parent of a student.

To get you more familiar with the different direct student loan options, the next section will provide you with information on each one of them as well as the pros and cons to taking out a direct student loan so that you can make the descision if they are a good choice or not.

Student Loan Repayment

Direct Student Loan – Loans Offered

Below will be all the options you can choose from when it comes to direct student loans:

  1. Stafford Direct Student Loan – A direct student loan with Stafford can be found in two categories, subsidized which is a needs based loan,as well as unsubsidized which is not needs based, so it is easier to qualify for. The subsidized has an interest rate around 4.5 percent interest and the government pays your interest while in school, and the unsubsidized has an interest rate around 6.8 percent and interest starts from day one which you can pay while in schol or when you get out.  It is provided for under grads ad grad students alike and have low fixed interest rates meaning they will never change once your establish your loan program. For both options, there is a 6 month grace period, meaning that afer your graduate, you don’t have to pay monthly dues until after 6 months.
  2. Perkins Direct Student Loan – These loans are also offered to undergraduate and graduate students and all of your finances are dealt with by your schools office. Interest rates will these direct student loans are offered at slightly higher interest rate than Stafford loans. Perkins loans are dedicated to those who need it the most, like the subsidized Stafford loan, so you must prove that you are either low income, unemployed or similiar to prove that you are qualified. A Perkins direct student loan is given at 4000 a year for undergraduate students and 8000 a year for postgraduate students.
  3. Direct PLUS Loans – This direct student loan options has two that you can choose from: The Parent PLUS Loan and the Direct Graduate PLUS Loan. The Parent PLUS is for parents to take out a loan for their children and the Graduate PLUS is for graduate students shooting for a higher degree, which is not attainable by parents, only directly to the applicant. Both options allow you a 6 month grace period and have a fixed interest rate that starts at 7.8 percent. This option allows you to borrow up to the cost of your education minus any other funding you are receiving from other sources.

It should be known that not all schools accept direct student loans so it is best to inquire through your school to see if they do or not. Being that these are all federal loans, in order to qualify for any of them, you must fill out a Free Application for Federal Student Aid (FAFSA) which can be completed online or at the school that you attend.

Direct Student Loan – Pros & Cons

Now that you know all the loan options, here are a list of pros and cons so you know what you are dealing with by taking out a direct student loan.


  1. Fixed interest rate.
  2. You do not have to provide a good credit score to get a loan.
  3. 6 month grace periods


  1. With the Perkins and Stafford, you are very limited to what you can borrow.
  2. You need to apply each year for federal direct student loans.

ACS Student Loan – Overview & Loans Offered

August 30, 2011

ACS Student Loan

An ACS Student Loan can provide you with the means needed to attend college and better yet complete college without having to beg, borrow and steal, which will in turn provide a more stress free college existance that will enable you to foucus more on the classes you are in, instead of making money to afford the classes you are in.

If you are not familiar with ACS which stands for Affiliated Computer Services who is a Fortune 500 company who also specializes in providing excllent options an benefits when it comes to student loans, as they are a student loan servicer which means loans aren’t lended directly from them, they collect your loan payment and provide the money to the lender that they are affiliate with. They offer many loans that have great benefits for their eligible applicants, which the next section will go into major detail so can get to know the ACS Student Loan options much better.

ACS Student Loan

ACS Student Loan – Loans Offered

Being that ACS specializes in technology as well, many universities choose them over other companies because they offer technical services that make a lot of loan services easier for schools to process. Anyone can obtain an ACS student loan because they are not credit based, meaning your acceptance has nothing to do with your credit score, for the federal loans. ACS Student Loan offers both federal and private loans some of which include the following:

  • Campus Based Student Loan Program (CBSLP) – This category currently provides ACS student loan options like the Federal Perkins Loan as well as Nusing Student Loans (NSL).
  • PLUS Loans – This options provides loans for parents who choose to take out a loan for their dependent children, and provied a variety of different loan options that deal with both under graduate, graduate as well as professional students.
  • Federal Family Education Loan Program (FFELP) – This category of ACS Student Loans is where you will find Federal Stafford Loans.
  • Private Loans – There are currently multiple different private loans that ACS offers that can help you in the event the the federal loans do not quite cover what you need in the form of financial aid.

Just like many other lenders, you will have to fill out a Free Application for Federal Student Aid (FAFSA) in order to qualify for their federal loan options, where as for a private ACS student loan you do not have to.

ACS Student Loan – Further Infromation

  1. ACS student loans offer forbearance to their eligible applicants for those who are having trouble making their monthly bill payments.
  2. You can make all of your payments online as well as view the status of your account or anything else that pertains to your ACS student loan, giving you the freedom of managing your finances instead of having to go call or go to a location in order to do so.
  3. ACS also provides consolidation services which you can use in the future as a way to lower your monthly payments as well as the interest you pay on your loan.

ACS Student Loan – Conclusion

As you can now tell the ACS Student Loan options offer a wide variety of choices when it comes to getting money for college. They no doubt should be a resouce for you to use when looking for the right loan as they specialize in both federal and private options, not limiting you to one or the other. By utilizing an ACS student loan, you can get the money you need for college as well as have a provider that can help you with different services when your college has concluded.


Federal Direct Student Loans – Loans Offered & Overview

August 29, 2011

Federal Direct Student Loans

Federal direct student loans are offered through the government as a way for you to get the money you need when it comes to affording college. Knowing that those straight out of highschool or wanting to go back to school don’t exactly have the funds needed to attain a degree, The Federal Direct Student Loan Porgram (FDSLP) was designed as a way to provide low interest loans as well as many other benefits that cater to being a student usually without a job.

These federal direct student loans are offered in two categories, one being subsidized loans and the other being unsubsidized and are offered by the Stafford Student Loan program. These two options are discussed in much further detail in the next section.

Federal Direct Student Loans

Federal Direct Student Loans – Major Overview

Subsidized Federal Directs Student Loans

  • These loans are designated for those who need it most, also known as an as needed basis. These loans are given upon proof that are low income or live in a household that is low income among other speficications and these federal direct student loans allow you to not have to worry about paying interest while you are in school as the government pays you interest payments until you are finished with enrollment. With subsidized federal direct student loans, you can borrow anywhere from 2,365 to 10,000 dollars depending on where you are at in your schooling,

Unsubsidized Federal Student Loans

  • These loans are offered to anyone, unlike subsidized student loans, you don’t have to prove your need. This option charges you with interest from day one, and you can either choose pay your interest each month, or allow it to accumulate and pay it off later, although this isn’t suggested as if you do, you will pay much more then you would if you paid it off each month while you were in school. These federal direct student loans allow you to borrow anywhere from 4,000 to 10,000 per year depending on what level of education you are entering. These loans have an 4 percent activation fee meaning you pay 4 percent of your loan amount when service starts.

Federal Direct Student Loans – More Details

  • You receive a 6 month grace period with each of the federal direct student loan options above, meaning that you do not have to pay monthly payments on your debt for the first 6 months out of college. This rule also applies to dropping out or dropping below the level of half time enrollment.
  • Interest rates are found to be around 3 to 9 percent and are fixed meaning they stay the same for the entirety of your loan repayment.
  • There is no penalty for early repayment.
  • Federal direct student loans repayment plans are set at 10 to 30 years depending on which plan you choose to go with.
  • They have student loan deferrment options that can be used in the following categories; education, unemployment, economic hardship, forbearance, disability and default.

If you are intersted in using fedreal direct student loans for tuition fees, the best thing to do now would be to fill out a Free Application of Student Aid online which will show you which federal direct student loans your are eligible for.



Government Student Loans – Programs to Use & Overview

August 29, 2011

Government Student Loans

There are multiple government student loans that you can use that will enable you to be able to attend college and better yet afford college. These loans are federal loans which should be your first choice when it comes to looking for loans before you inquire about private loans, just because you will find that interest is going to be a lot lower with federal options, as well as many of them being non credit based, meaning they really could care less what you credit score is, and it doesn’t factor into your qualification. There are 4 different government student loans that are available to you, those being; The Stafford Loan, The Parent PLUS Loan, The Perkins Loan & The Graduate PLUS Loan. These will be discussed in the next section as well as the pros and cons when it comes to government student loans.

Government Student Loans

Government Student Loans – The Different Options

  1. The Stafford Loan – This government student loans program offers you a fixed interest rate meaning that it will never change and can be found as low as 3.4 percent, it ranges from the borrowing limits for first years getting up to 5500 dollars to graduate students getting up to 20,500 dollars as the loan limit increases each year, you don not have to make payments on your loan debt while you are in school and you do not have to have a good credit score to qualify for Stafford government student loans.
  2. The Parent PLUS Loan – This loan is for parents who are looking to pay for the education of their children where the funds will be sent to the school in which their child is enrolled at. These government student loans offer a fixed interest rate at 7.9 percent, you can borrow up to whatever your other financial aid resources aren’t covering, deferment options, a 10 year repayment period and you can get 0.25 percent off your interest rate by choosing to have your funds automatically deducted from your account.
  3. The Perkins Loan – You will find the interest with these government student loans to be at a rate of 5 percent. You do not have to pay back your student loan until 9 months after graduation if you are enrolled half time or more, 10 years to repay your debt, deferment options and the possiblility of having your payments be considered tax deductable and lastly you will not be charged an activation fee, or in other words there is no service charge.
  4. THe Graduate PLUS Loan – Graduate loans come with an interest that is at a fixed 7.9 percent. These government student loans offer you many of the same benefits of the Parent PLUS program and requires that you either have good credit or supply a co signer who has worthy enough credit for you to qualify.

Government Student Loans – Pros and Cons


  • Most of them offer you the chance to get a loan and not have to have a good credit score in order to qualify.
  • You get a 6 to 9 month grace period with government student loans where you can focus on getting a job before you have to start paying loans.
  • Interest rates are significantly lower than you would find in private student loan programs.
  • Student loan forgiveness is always available to you through governemtn student loans programs.


  • With lower levels of schooling, government student loans have borrowing limits that are a lot lower than what you would need in order to be able to afford a years tuition and other schooling costs.
  • You need to apply for the loan each year meaning that you will have to pay each one off seperately
  • More often than not, government student loan funds will be given to you by your school, taking the way the freedom of having access to the money at all times, meaining whenever you need funds you will have to go through your school.

Student Loan Deferment – Different Types of Deferment

August 28, 2011

Student Loan Deferment

Student loan deferment is essentially suspending or postponing your monthly payments on your student loans and in some cases, you are not even charged interest during this time period. You may have heard of it when you first applied for your loan with your lender, which lenders often boast the benefit of student loan deferment while in school meaning you don’t have to pay monthly payments until your are done with school and/or after the grace period, which is one of many ways to defer student loans. Student loan deferment can’t be used by just anyone though, there are certain specifications that you must meet in order to qualify. The next section will tell you all about the different types of student loan deferment so you can know what it takes to defer you loan payments.

Student Loan Deferment

Student Loan Deferment – Different Types

  1. Education Deferment – As spoken of above, this option requires that your school certifies the fact that you are at least enrolled in a half time school schedule, and is only applicable if you stay in a half time or more schedule.
  2. Deferment in Public Service Jobs – Certain public service jobs can also bring you student loan deferment. Deferment programs are offered in public service jobs like Americorps and Peace Corps, Army or Navy, some volunteer jobs and public service jobs in the health related profession among others.
  3. Disability – Student loan deferment can be used when one is disabled and can prove so. You must be unable to go to work because of the injury or disablity for at the least 60 days, and the disability must have happened after you got the student loan. Other types are mothers who are experiencing complications in their labor, have a loved one who requires your help or care for over 90 days which requires you to postpone the work at your job, in a rehab program,  among others. To quaify for this type of student loan deferment it is necessary to prove the above disability types by verification.
  4. Family – Mothers who are either going back to work or a left work on a parental leave situation are also able to get their student loans deferred. This can also be used by those who are caring for children who were just born or are pregnant, as well as just adopted a child.
  5. Economic Hardship – You can qualify for student loand deferment by proving things like: you are receiving public assistance aid, have loan payments that equal at least 20 percent of your income, working at least 30 hours each week and earning minimum wage, giving your service to the Peace Corps or intending on doing so in the near future.
  6. Unemployment – You can receive student loan deferment in this category if you show that you are either are actively looking for full time work, if you are a resistered client at a local unemployment agency which must be at the most 50 miles away from you, be looking for full time work during a 6 month period of your student loan deferment time.

Student Loan Deferment Conclusion

Student loan deferment is a viable option to consider if you are going through a ruff time as it can provide stress relief when it comes to not having to make your payments for a while. As you can now tell there are many different types of student loan deferment that you can use and should be used immediately if you qualify. For more information about student loan dererment the best thing to do now would be to contact your lender and explain to them your current situation.

International Student Loans – Overview & Lenders To Use

August 28, 2011

International Student Loans

International student loans are you ticket to studying abroad! Over a quarter of a million college students study abroad every year and now you can be one of them by using international student loans. They provide you with a way to both allow you to visit a foreign country as well as have the funding to do it without having to keep a job. In order to get you more familiar with international student loans, the next section will provide you with an overview, what is needed to be eligible as well as 4 great lenders to use for your loan.

International Student Loans

International Student Loans – Overview

International student loans are offered in two different categories, short term and long term. Below are the details on each:

Short Term:

These loans are called Study Abroad Student Loans and are given upon proof that you are currently enrolled in a college and have completed credits at the college. Your specific school must be enrolled in the study abroad program to get international student loans and if it is, then you are able to go wherever you want to study abroad. These loans will offer you up to about 50,000 per year you are studying. These loans can be used for anything related to schooling like tuition, books, supplies, living and food and even medical needs.

Long Term

The long term international student loans are called Foreign Enrolled Student Loans and offer you the chance to atttain a degree through a foreign college. These loans offer around up to 50,000 dollars for students who are undergraduates and up to 70,000 for studies like dental, law, medical among others. The best way to become qualified for these international student loans is to provide a co-signer who has a good credit score, unless you think that you have built up your own credit score to a level that would qualify you. Like Study Abroad Student Loans, Foreign Enrolled international student loans can be used towards anything school related.

Internatioal Student Loans – Lenders To Use

Federal -

Just like with any other student loan, international studen loans are offered on both a federal and private level. Here are two options you can use for federal international student loans: Stafford Loans and PLUS Loans which can be applied for by filling out a Free Application For Student Aid (FAFSA). You will want to get an early start on these applications because it can take a couple months for verification.

Private -

Private international student loans are provided by many great lenders, and are credit based meaning that you must provide a good credit score to qualify for the loan. The best program to go through for private inernational student loans is go go to a site called where you can find more information by filling out an application which can be found on their main page. They have a database of thousands of colleges that are approved and provide you with fast lending and very competitive interest rates on their international student loans.


Student Loan Bankruptcy – Overview & Ways To Avoid It

August 28, 2011

Student Loan Bankruptcy

Although it isn’t suggested that you take the student loan bankruptcy route, sometimes it is the last option for to take. But ever since 1998 when there was a huge change made the the Bankruptch Law, it has been a lot harder for people to file for student loan bankruptcy, meaning that even if you file for it, you still might actually have to pay back your debt in full. The change was to ensure that you were actually in a position of financial need and not just because you didn’t want to pay your loans. To be able to qualify for student loan bankruptcy, you must meet 3 different hardship rules, which are discussed below.

student loan bankruptcy

Student Loan Bankruptcy – Hardship Rules One Must Meet

One must meet all of the following three rules:

  1. If in the event that you were forced to pay your student loan debt, you would not be able to meet the minimal standard of living.
  2. You must also show that the financial problems that you are going through are going to be the same for a long period of time.
  3. You must have been in good standard with your lender or lenders paying your loans on time for at least 5 years. This is where they want to prove that you gave your best effort to pay off your loans.

If you meet the following requirements, then you will qualify for student loan bankruptcy and whatever amount of debt you have left will be wiped away and then you will have a clean slate once again. The drawback of being qualifying for bankruptcy is that if you ever need to take out a student loan again, chances are lenders will not give you a loan.

Student Loan Bankruptcy – How To Avoid It

Like it was said above, try your hardest to avoid student loan bankruptcy at all costs because it will stay on your credit record forever. In order to avoid this burden, there are ways around bankruptcy that you can apply to your student loan debt situation starting today. Here aer 3 ways in which you can avoid student loan bankruptcy:


  1. Student loan deferrment is an excellent method to use to avoid student loan bankruptcy. This process basically allows you to stop paying your loans for a certain amount of time without consequences. Defferment can be attained by proviing that you are either unemployed, on disablity or disabled, or you are serving in the military.
  2. If you cannot afford the payment total that you are paying on currently, another option to utilize is student loan consolidation. This service will group together all of your loans where you only have to pay one payment, and that payment will be a lot lower because they extend the length of time in which you are rquired to pay, usually around 3o years.
  3. Student loan forgiveness programs are another excellent way you can use to avoid student loan bankruptcy. This method encompasses you working jobs in either community service, public service and jobs in areas of low income. These programs will either provide you with a lump sum to use to pay debts off, will pay off a percentage of your loan for you each year of service, or require that you work the job for 1o years and make 120 on time payments, which after the 120 payments, the rest of your debt will be forgiven.
  4. One last option to avoid student loan bankruptcy is by talking to your loan lender and explaining to them what you are going through. Often times this simple communication can mean them working out a payment plan that better caters to what you can afford.