How To Reduce Student Loans

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The finding a solution to the problem of student loans is very significant because it is happening everywhere. Student loans are being taken out so people can accomplish their “American Dream” and some end up worse than how they started. So, people need to be prevented from such things so they do not damage their credit. Having a damaged credit score can have someone stuck in life. People do need to go to college, but with the least amount of student loans possible. Since student loan debt is rising, improved and new reforms need to be created and regulated, such as reduced to no interest rates, income-based payments, and student loan forgiveness.
One of the main reason why student loans are such an issue is that student loan repayment plans are just too difficult to pay back. Many student loan lenders have an alternative option, just they are no good. These options do too little and are too late, thus …show more content…

Payments will equal fifteen percent of the student's income earned. Thus, leaving the student with more money left over. Such money being left or saved can go to invest into the student’s future for to pay off more things for college, such as books, fees, food, and personal items. Students will also have all the stress lifted off their backs. Less stress means more motivation and more motivation means grades stay high and the loan is being paid off without any problems. Another solution that goes with the income-based repayment plans is student loan forgiveness. Student loan forgiveness is when a student or I should say adults still have an ongoing loan being paid for about twenty to twenty-five years the loan is the forgiven. Meaning the remaining balance will be zero! Although a number of years should be decreased a little. Payments change with income, meaning if income drops to zero payment are zero and it still counts. Finally, there are no locked-in fixed monthly

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