Stephen* was about to graduate with over $90,000 in student debt. He knew his grace period for payment would be over shortly, and he would have to find a way to start repaying the debt. His salary wasn’t enough to cover the payments due, and he had little chance of his salary climbing much higher.
His Navigator began by assessing his loan types and whether he could qualify for an income-based repayment plan. The Navigator realized Stephen could qualify for public service loan forgiveness. The Navigator also worked with Stephen to help him understand common pitfalls to avoid with debt and how to deduct his payments on his income taxes. While he will still be paying for these loans for the next 10 years, the repayment plan makes it possible for him to make his payments while still taking care of his other bills, and the majority of his debt will be forgiven and discharged in 10 years rather than a lifetime.