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Millions of U.S. college graduates have begun their careers with a crushing student loan debt balance. In fact, 40 million Americans owe more than $1.7 trillion in total loan debt. This equates to more than 50% of students graduating with significant debt. The overwhelming majority of this student debt is federal student loans, with the remaining amount owed to private lenders.
Several existing programs lessen the burden of student loans but require decades of repayment. The Public Service Loan Forgiveness (PSLF) program was created to provide relief and attract students into public service careers. It allows borrowers who make ten years of loan payments to have the remaining outstanding balance forgiven.
The federal government has four main income-driven payment plans, enabling borrowers to cap loan payments at a percentage of monthly income. If accepted into one of these programs, the remaining loan balance will be eligible for forgiveness after a... ...
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