Are there any student loan repayment programs available to parents?

Yes, there are student loan repayment programs available to parents in California. The United States Department of Education offers the Income-Based Repayment (IBR) and Pay As You Earn (PAYE) programs. With these, monthly student loan payments for a family are based on the adjusted gross income and family size of the parent(s). The repayment amount could be as low as $0 and repayment could be generally spread over 20 or 25 years. In addition, if any student loan is not paid off after 25 years, the remaining balance may be forgiven. Apart from federal programs, some private lenders offer loan repayment assistance programs for parents. For example, some lenders offer programs that decrease monthly payments or extend repayment terms under certain conditions. Parents should research individual lenders to see if their loan qualifies for any of these repayment assistance programs. Finally, parents can seek assistance from organizations like the National Foundation for Credit Counseling, which can help them work out a repayment plan with their loan servicer. The servicer can help them lower their monthly payments by adjusting the payment plan or by consolidating the loan. In conclusion, parents with student loan debt have the option of several programs to help them manage and pay back their loans. It is important to research all of the available options to determine the best program for their financial situation.

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Are there any student loan repayment programs available to parents?

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