- It’s no secret that the cost to attend college can be quite expensive. As a result, most students heading <strong><a href="http://www.blackenterprise.com/backtoschool/">back to school</a></strong> or those heading away for home for the first time will rely heavily on student loans and financial aid. While this assistance is a welcome safety blanket for those with limited funds, it also begins the cycle of post-grad debt. In an effort to help steer students in the right direction, here are six options for new graduates looking for debt relief. <em>—Kahliah A. Laney</em>
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- <ul> <li><strong><a href="http://studentaid.ed.gov/students/attachments/siteresources/IBR_QA_Final2-2011.pdf" target="_blank">Income-Based Repayment</a></strong></li> </ul> This is a repayment option for students with certain federal school loans. It allows you to base your payment amount on how much you make so that your installments are more affordable. It is less than what you’d have to pay under the typical 10-year repayment plan.
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- <ul> <li><strong><a href="http://www.direct.ed.gov/RepayCalc/dlindex2.html" target="_blank">Income-Contingent Repayments</a></strong></li> </ul> The ICR repayment option applies to federal school loans. Your payment amount will be determined each year based on several factors, including your adjusted gross income, family size and the total amount of all your Federal Direct Loans.
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- <ul> <li><strong><a href="http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp" target="_blank">Teacher Loan Forgiveness Program</a></strong></li> </ul> This program allows borrowers who teach for five consecutive years in certain schools to write off up to $17,500 in federal student loans.
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- <ul> <li><strong><a href="http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp" target="_blank">Public Service Loan Forgiveness Program</a></strong></li> </ul> This agreement gives those working full-time public service jobs a break on the balance of their student loans after making 120 consecutive payments. There are certain caveats however. The 120 payments had to have been made under certain repayment plans and you must have been employed full-time as a public servant during that time to qualify.
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- <ul> <li><a href="http://www.lrp.nih.gov/about_the_programs/index.aspx" target="_blank"><strong>U.S. Department of Health and Human Services </strong><strong>Loan Repayment Programs </strong></a></li> </ul> This program repays student loans for graduates willing to conduct research for non-profit organizations or a U.S. federal, state or city government entity for two years. The program can pay up to $35,000 a year in debt.
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- <ul> <li><a href="http://www.hrsa.gov/loanscholarships/repayment/faculty/" target="_blank"><strong>U.S. Department of Health and Human Services </strong><strong><strong>Faculty Loan Repayment Program</strong></strong></a></li> </ul> Graduates in the health field can teach at an accredited health profession college for two years to have up to $40,000 of their student loan debt forgiven.
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