Know your student loan consumer rights

Source: Michele Streeter, TICAS (US News)

Federal student loan borrowers have a number of flexible repayment plans to choose from, including the option to make payments based on a percentage of their income. Borrowers of federal student loans can also get shorter-term relief with a forbearance or deferment, which pauses loan payments for a time. Private student loans offer fewer repayment options.

There are certain situations where your loans may be eligible to be forgiven. Under the Public Service Loan Forgiveness program, for example, federal student loan borrowers who work full time for a qualifying employer can have their balance forgiven after making 120 qualifying monthly payments, which must be made under an approved repayment plan.

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