Are there any alternative repayment plans available for student loans?

Yes, there are several alternative repayment plans available for student loans in California. The most common are the federal Income-Based Repayment (IBR) and Pay As You Earn (PAYE) plans. These plans lower the amount you pay each month based on your income and family size. Under the IBR and PAYE plans, the amount you owe on your student loans will be capped at 10 or 15 percent of your discretionary income. Depending on the size of your loan and your family income, you may also be eligible to have your loan forgiven after 20 or 25 years. In addition to federal repayment plans, some private lenders may offer additional repayment options, such as graduated repayment, extended repayment, and income-contingent repayment. These plans will vary by lender, so it is important to inquire about the specific options and terms that apply to your loan. California also offers several state-specific assistance programs for those with student loan debt. For example, the Middle Class Scholarship program offers assistance for students enrolled in the University of California and California State University systems, and the California College Promise can help cover tuition costs for some community college students. By exploring all of your available options, you can select the student loan repayment plan that best fits your budget and financial situation.

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Are there any alternative repayment plans available for student loans?

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