You can look into Income Based Repayment program (IBR) and see if you qualify, your maximum monthly payments will be 15% of discretionary income, using a specific formula. Under the newer Pay As You Earn (PAYE) program available to recent borrowers, the cap is 10% of discretionary income. Payments can be as low as $0 if you are unemployed. Balances will be forgiven after 10, 20 or 25 years, depending on the program you are in and whether you work in a qualified public service job.
There is also the Income-Contingent Repayment (ICR) plan. Under this plan, borrowers’ monthly payments are pegged to income, family size and the amount owed. After 25 years, any remaining balance is forgiven. (Or after 10 years for public service loan forgiveness.) Accrued interest is capitalized annually.
You should find out if you qualify for any of these plan to help lower your monthly payment.
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