You might think you can put away the cash and move on.
But, in some cases, the financial aid and scholarships you were promised may not be there for you.
Here’s how the student loan debt crisis could affect you.
Pay off your loans in full If you have student loans, you can use a variety of repayment options to make sure you’re in line for the money you promised.
You can pay off your debt by using an installment plan, which usually allows you to pay off a portion of the loan balance over a few years.
You may be eligible for a payment plan, but you can’t use a payment loan as a repayment option.
A payment plan requires you to make payments toward the interest on your loan.
The interest is then returned to you.
If you don’t pay off all of your loans, the federal government will collect some of your remaining debt and provide some interest.
You could use the federal Student Loan Forgiveness Program to get the rest of your loan forgiven.
Paying off all your loans without using a payment option can mean that your remaining debts will grow.
Pay your loan off and you can get your money back.
For example, if you owe $150,000 and your payments are due in 2036, you’d owe $50,000 in interest on the remaining balance.
Pay it off in full and you’ll owe $200,000, or a maximum of $600,000.
This is because the interest you’ll be getting from the government is based on the total amount of your debt plus interest that you’re owed.
So, if your loan balance was $250,000 when you first borrowed from the Federal Reserve, your interest rate will be based on $1,250, or 1% of the outstanding balance.
Apply for another loan You could apply for another student loan, but there are different options for each type of student loan.
You might have a loan for the full cost of your education and be eligible to apply for federal student aid.
But if you have a student loan with interest, you could be in a different situation.
Interest can add up.
The federal government typically offers repayment plans for some of its student loans.
You’re eligible for these if you’re earning more than $105,000 per year, are in your early 20s, and you’ve been working for at least 10 years.
If that sounds like you, then there are some repayment options available for some types of student loans in addition to the ones outlined above.
A federal student loan repayment plan allows you the option to make a monthly payment of $15 per month.
That’s up to $30 per month for a couple, $35 for a family of four.
If this sounds like a lot, then it might be worth going through with a payment method you can pay back in full.
If, however, you don,t qualify for this repayment plan, then the federal student loans program will still allow you to take advantage of a payment program.
You’ll have the option of applying for a loan that lets you use the interest from your loan to pay for some part of your school expenses.
For some loans, like for Stafford loans, this could be as low as $5 a month.
Try to find a new repayment option If you can, try to find an alternative repayment plan.
If not, then apply for a second repayment plan that lets them take your money.
If the payments aren’t enough, then you’ll have to pay your debt in full to get a new plan.
This can be an even more expensive option.
Some programs let you try to pay the entire amount of a loan, rather than the principal portion.
The Student Loan forgiveness program lets you apply for an installment payment plan.
It will pay you the interest plus the principal balance.
That is, the interest rate is based upon the total principal amount and interest owed, plus a percentage of the principal amount, or the total interest you owe plus the percentage of principal.
If your interest is not enough to cover your principal amount but you are eligible for the installment payment option, then your interest will be used to pay a portion for other purposes.
You won’t be eligible, however.
You must still pay your student loans before you can apply for these new repayment plans.
So if you need a new loan, then consider taking advantage of the payment plans that let you pay off the entire balance.
Ask for help from the U.S. Department of Education You might be surprised to learn that you can also apply for financial aid to help you pay for your education.
You are eligible to receive a federal Pell Grant, a federal Direct Loan, and a state-based aid, depending on whether you’re attending college or you’re an eligible borrower.
These grants are designed to help people with a high need for aid.
The Direct Loan is available to people who are in the bottom income group and are eligible