Are there any alternative repayment plans available for student loans?

Yes, there are alternative repayment plans available for student loans in Washington. Most government loans, including Federal Family Education Loans (FFELs) and Direct Loans, are eligible for alternative payment plans that allow borrowers to adjust the amount and duration of their payments. This can be especially helpful for borrowers with lower incomes, those with multiple loans, or those who are facing financial difficulties. For federal loans, some of the alternative repayment plans include income-based repayment, income-contingent repayment, and graduated repayment plans. With income-based repayment plans, the loan’s monthly payments are adjusted to a percentage of the borrower’s income. The payments are capped at 10-15% of their discretionary income. With income-contingent repayment, the payment amount is based on the borrower’s income and debt load. Graduated plans start with lower payments that increase every two years. Additionally, there are other forms of repayment assistance for student loans in Washington. The Department of Education offers loan forgiveness plans for those working in public service professions and those who meet income-eligibility requirements. Borrowers may also be able to lower the overall cost of their loans through consolidation. Lastly, borrowers may qualify for deferment or forbearance if they are facing economic hardship or are enrolled in school at least half-time.

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Are there any alternative repayment plans available for student loans?

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