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For most students, college graduation means beginning the next stage of life. Entering the workplace and beginning your first job. This stage will also kickoff the first payment of student loan debt. As a result of this debt, many borrowers struggle to pay for day-to-day necessities like rent, groceries or car payments. For others, their student debt stands in the way of buying a home, starting a business or pursuing a new career opportunity.
Students are not alone. For many families, parents have found themselves signing on to home equity loans, private loans or parent PLUS based loans to help finance their student’s education. Borrowers who are 60 and older now make up the fastest-growing segment of the student loan population, according to the Consumer Financial Protection Bureau. Attempting to stretch a fixed income budget to include the student loans may leave the parents uncomfortable in their retirement.
Federal loans includes 8 repayment methods. Before selecting an option, it is important to understand the benefits or risks of each repayment option available to you and how your monthly loan payment could change with life events.