Great Advice for Parents 2022

If you’re taking on additional student debt, remember that the federal government offers payment plans that tie the size of your payment to your income. Most private loans don’t.

What are your options if your earnings are low? If you’re already working in a low-paying field and you have student loan debt, look at how you can lower payments or discharge your debt. If you’re having trouble making payments, consider enrolling in an income-driven repayment plan, which ties payments to your monthly income. Your payment amounts will increase as your earnings do, too. Those working in public sector fields should learn the ins and outs of public service loan forgiveness, a red-tape-laden process of getting your loans discharged after 10 years of payments on a qualifying payment plan while working full time in a qualifying field.

Anna Helhoski is a senior writer at NerdWallet.

The article Balancing Hopes, Dreams and a Low-Paying College Major appeared on NerdWallet and was originally published by The Associated Press.

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