Category: Student Loan Repayment

Where to Find Scholarships


If you’ve just started looking for appropriate scholarship that will help you pay for (at least a part of) your educational expenses, you might feel overwhelmed. It seems you’re under qualified for everything that catches your eye, maybe the amount offered is not enough or the application process seems impossible to complete. Take a deep breath, calm down, grab your planer, and read a few ideas we have that can simplify your search.

Get an Appointment with your Guidance Counselor

Like the name guidance counselor itself suggests, their job is to talk with ambitious candidates and guide them in the right direction. Tell them about yourself, mention all your strengths, your career ideas and any talents you might have. They usually already know about a lot of offers for scholarships and, having previously worked with many applicants, can help you choose a few where you have a good chance of getting selected. Don’t hesitate to approach your teachers too, especially the ones you’ve cooperated successfully before. If a teacher was satisfied with a project you did together earlier, they can write you a recommendation or offer some interesting ideas. Everyone likes students who think about their future and actively pursue their goals.

Visit Local Businesses and Organizations

If you want to become a chemical engineer and your town has companies that you can imagine yourself working for, try to talk with someone from their human resources team. Many companies are involved in different programs that benefit the community. They might want to find local talents and assist them financially while they pursue their education. It might be expected that you work for them for a certain time period after you graduate, so keep that in mind. However, getting a scholarship and a future job opportunity at the same time seems like an excellent deal. If you have family members or friends that work in the area that interests you ask them to inquire do their employers offer that kind of help to prospective young people in their community. They can also help you get an appointment with HR easier.

If you’ve done some charity work or worked with local non-profit organizations, now it’s time to ask for their help. They are more likely to help a candidate that has proven to be diligent, honest, hardworking and driven. Even if they don’t offer scholarships themselves, they might have partner organizations that provide financial aid for students and they can write you a favorable recommendation letter.

Try to Fully Customize your Search

If you have a certain religious, racial, economical or ethnical background you might be eligible for some scholarships that help students of your group. There’s nothing wrong with using all the opportunities offered to you. Get in touch with some older students in similar situation that have managed to acquire scholarships and ask for their advice. Try to be sociable and pleasant, there’s a chance someone will remember you once they hear for some interesting opportunities, so the scholarship …

Income-Driven Repayment Plan Guide

Income-Based Repayment

If you’re unable to make timely payments for your federal loans, the plan that you’ve started with might have to change. You can renegotiate your loan terms and sign up to one of the income-driven repayment plans available. Keep making all your payments on time until you make your decision and complete the necessary paperwork. There are several different repayment plans currently available, so we’ve listed them here. We hope you’ll find the one that works best for you.

Income-Based Repayment Plan

Income-Based Repayment Plan is available to borrowers who experience and document financial hardships. Your new monthly payment would be 10% or 15% of your income after taxes and basic living expenses, which depends on the on the time when you took your loans. Your repayment period would be extended to 20 or 25 years. Using this plan you’ll have to pay more in interest over the years, but you’ll be able to manage your monthly payments easier. The amount of money you’ll have to pay on a monthly basis is connected to your income, but it can never exceed the amount you’re currently paying with the Standard 10-year plan. You will be eligible for forgiveness after 20/25 years of regular payments, but you’ll need to pay the taxes for all debt forgiven.

Pay As Your Earn Plan

Pay As You Earn plan was introduced in 2012. It’s a bit more difficult to qualify for the PAYE. It’s available to people who have taken out a loan on or after October 1, 2007 and received a disbursement of a Direct Loan on or after October 1, 2011. Repayment period will be prolonged to 20 years and you would pay a monthly amount calculated as 10% of your income but that amount could never exceed the amount you were paying under the Standard 10-year plan. If you file taxes together with your spouse their student loan debt and income will be used to calculate your loan payment. You are also a candidate for forgiveness after 20 years of regular payments. IBR and PAYE are two of the most used repayment plans.

Revised Pay As Your Earn (REPAYE) Plan

Revised Pay As You Earn, or REPAYE program is the newest repayment program from 2015. More people are eligible for this program. It’s not required that you experience financial hardship. Once again, you lower your monthly payments to 10% of your discretionary income and the repayment period is extended to 20 for undergraduate loans and 25 years for graduate and professional student loans. This program offers forgiveness of 50% of interest on subsidized loans after three years of regular payments. Spouse’s income and the amount of their student loan debt is included in monthly payment unless proof of separation is submitted.

Income-Contingent Repayment (ICR) Plan

You are eligible for this repayment plan if you have taken Federal Direct Loans. However, this is the only repayment plan that includes Parent PLUS loans. This program is based on current monthly income and family size …