What do you and some of your favorite celebrities have in common? Apparently thousands of dollars in student loan debt. When it comes to seeing those monthly bills rack up after college, just know that you’re not alone.
Before they were famous, mega celebs like Jane Lynch (Glee), Kerry Washington (Scandal) and even Miles Teller of Fantastic Four and War Dogs fame were all been in the same boat as many of us – trying our best to figure out a way to pay back our student loan debt. For those of us who haven’t quite made it to the big screen, there are several options to choose from when it comes repaying your student loans. One way is to take the Teller route and wait it out with small monthly payments over a long period of time in order to free up more cash now to invest (or spend direct). Others, strive for a quicker alternative like Jane Lynch. She was able to get into a repayment plan to wipe out her debt before her 30th birthday… whoa!
No matter how you slice it, the struggle is real, and Hollywood is taking notice. Recently, rapper Niki Minaj stepped up to the plate by offering to pay-off the student loan debt of fans who tweeted her for assistance. Some followers even expressed tears of gratitude for Minaj’s generosity towards this budget-crushing crisis. But just in case you didn’t get through the massive tweets to Minaj – dry your tears, put down the Rosé, and consider taking some action on your own.
The Department of Education offers tons of repayment programs (and in some cases even forgiveness options) for those who qualify. All you have to do is find out which programs are right for you, apply and file for your fav!
If you get stuck or have questions, DocuPop is always here to help you navigate through the red tape jungle. Contact one of our expert student loan debt pro’s for your FREE consultation today!
Resources:
https://www.usnews.com/education/best-colleges/paying-for-college/slideshows/10-famous-people-who-have-or-had-student-loans?slide=6
http://www.huffingtonpost.com/entry/nicki-minaj-charity-student-loans-tuition_us_591729d0e4b00f308cf592b2?section=us_education
Disclaimer: DocuPop is a private company, not affiliated with the Department of Education. The DOE offers several programs that may offer lower monthly loan payments for borrowers who meet the qualifications based on income and family size. Lower monthly payments may lead to longer student loan maturity periods, increasing the total amount of interest over the life of the loan. The DOE also offers programs that may forgive some or all of the borrower’s loan balance. The Public Service Loan Forgiveness program (PSLF) is based on the number of qualified payments made under the program while working full-time for a qualifying employer. Other programs require a specific number of qualifying payments and then forgive the remaining balance once those payments are completed, without any public service obligation. Depending on the type of forgiveness, any amounts forgiven may be treated as taxable income for income tax purposes, please consult your tax professional. More information can be found on the DOE website: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation
