How much do you really need to pay off your college tuition?
The College Board has released its annual College Cost Index, which measures how much each state’s student loan repayment program would cost over the next decade.
The index looks at how much a state’s debt would be forgiven if it defaults on its debt and can repay it in full, or if it’s refinanced.
For example, if the state forgives $100,000 in federal student loans, it would pay off the debt in 30 years.
If you are already in debt and have been paying off debt for 10 years or more, you would owe $4,500.
That’s a staggering amount of money.
It’s hard to imagine a college that would make a profit from a defaulted loan.
The College Board says that most students who default will be eligible for federal student loan forgiveness.
So you should not consider defaulting on your debt to be a “free lunch,” though the College Board does offer some help in paying for your education.
There are some great ways to help your student loan debt.
First, pay down your debt slowly.
You can apply for student loan refinancing or defer payment for a few years.
Pay your debt off slowly to avoid defaulting.
You’ll pay off less over time and save money.
Second, apply for federal loan forgiveness through the federal Department of Education.
This is the government agency that helps borrowers pay back their student loans.
If you default on your loan and receive loan forgiveness, the federal government will forgive up to $2,500 per borrower per year.
The Department of Defense is also able to grant some loan forgiveness for certain borrowers, such as those who attended college in Iraq.
Third, find out if there are any federal student aid programs that will help you pay for college.
The Federal Pell Grant Program (FPG) is one of the programs that can help pay for some college.
There are also other programs like the GI Bill, Perkins Loan, and the GI Borrower Assistance Program.
These programs are great options for borrowers who are not eligible for the Pell Grant program, or who are low-income or have a child in college.
You will need to apply for these programs as soon as possible, though some may be limited to certain types of students.
You can also find help with paying off your federal student debt at any of the federal loan servicers.
You may be able to negotiate a lower monthly payment than what you would have paid with a private lender.
If your state does not have a federal student lending program, you may need to contact the state’s loan servicer to find out what you can do.
For more information, read How to find your student loans loan servicership and how to apply.