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The inability to repay student loan debt is overshadowed by those who opt to not seek federal student loan relief. The amount of student loan default debt continues to increase without an end in sight. Until borrowers seek out current available programs to help with their debt problems, their finances will continue to tumble down. There are an estimated 38 million Americans with outstanding student federal loan debt. That is an astounding figure of educated Americans who have not enrolled into a program to help make the payments affordable. Income-Based Repayment programs works to make the debt more affordable. The catch behind this program is that the borrower has to apply. In order to receive the help the federal government programs offer debtors, they must be enrolled. Nationally, there are only 2.3 million borrowers that have actually applied for the IBR program, quite a small margin of those struggling with their debt. Out of those who applied, there is over 60% who are enrolled while about 20% are still waiting in review. Under this program, the monthly payment is capped at a percentage of their discretionary income. This means that cost of living expenses are subtracted from monthly income before calculating the student loan payment. It is a generous offer, why aren't people taking the government up on the federal student loan relief plan? The Consumer Finance Protection Bureau has set forth goals to educate students and parents about the different types of relief offered by the government. Too many people are losing out while they sit back and watch their credit worthiness fall as student loans remain unpaid. If a student applied for government help they must also be educated about the relief as well. The CFPB is working towards this outcome. Student loan relief services get a bad rap for charging debtors to work their loans into qualified financial relief programs. There are some of these companies that charge exuberant fees to fit into a free program to save money from student loans. There are many companies that do not have over-the-top prices. Realistically though, there are very few actual customers that complain when this one-time fee ends up saving them tens of thousands of dollars over the long-run of their student loan life. Public service loan forgiveness relief plans should have millions of public service employees racing to services, government phone lines or websites. More people need to know about what they could possibly qualify for. First off, a borrower needs not to be afraid to seek assistance, even if they are already in default status. Student loans are some of the more lenient debt there is out there as far as recovering from missed or late payments. The government is willing to work with borrowers so they can make good on their loans as well as save money in the process. Student loan debt numbers are a bit scary, but they don't have to be when you work your loans through federal student loan relief programs. National Student Loan Relief helps individuals gain financial relief from their Federal Student Loans. Student loan debt consolidation can lower your payment and get reduced interest rates.
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