One of the harshest realities of being a college student and graduate is paying back student loans. Students face significant pressure just getting into college and staying in college, but the pressures continue long after you graduate when you have debt. The recent graduating class of 2015, faces the highest amount of student loan debt, with the average debt being $35k. The total tally of student debt in the U.S. tops out at $1.2 trillion.
Are you having trouble tackling student debt? The Consumer Financial Protection Bureau has a tool that can advise on efficient way of paying off both federal and private loans. Through a series of questions and answers CFPB curates advice for you. “This tool provides information and advice for optimizing how you pay off your student loans based on some basic information about your situation.”
Some New York State undergraduates have another option thanks to the office of NYS High Education Services Corporation. The Get Back on Your Feet Loan Forgiveness Program “provides up to 24 months of federal student loan debt relief.” Some requirements include:
– be enrolled in the federal Income Based Repayment plan or Pay as You Earn plan;
– have graduated from a NYS high school or received a NYS high school equivalency diploma
– be a legal resident of NYS and have resided in NYS for 12 continuous months
For more information and to check if you are eligible click here.
For additional student loan resources on LawHelpNY click here.