How to Relieve Student Loan Debt Stress with Expert Guidance

Having student loan debt can feel like an overwhelming burden on its own, but also having to spend the time to educate yourself about all the potential ways you could manage that debt can add on another layer of stress. Given the complexity of federal programs – such as Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) – and their frequently changing requirements, it’s especially tough for borrowers to stay up-to-date on what their options are and determine which path is right for them.

Fortunately, there are opportunities for help that can help you de-stress about student loan management and save you time. Laurel Road Student Loan Freedom^SM, our comprehensive suite of student loan management solutions, offers borrowers:

• A free 30-minute consultation with a student loan specialist who can analyze your student loans, help you understand your eligibility for federal forgiveness programs, and create a personalized plan based for you based on your financial goals.
• Student loan forgiveness counseling memberships that provide those pursuing forgiveness through PSLF or IDR with ongoing one-on-one access to student loan expertise and help navigating program requirements year after year. And, with a Laurel Road Freedom Plus Checking^SM account, you can easily manage your student loan payments and track your forgiveness progress.
• Competitive student loan refinancing options that could help you save.

Read on to learn more about the student loan landscape, your potential options, and to how to stress less about your student loan debt.

Student loan forgiveness in the news

Laurel Road’s student loan experts can help you understand the complexities and requirements of PSLF and IDR and determine your eligibility. Here’s a brief overview of both programs.

Public Service Loan Forgiveness (PSLF)

For eligible borrowers working full-time for a qualifying nonprofit or government employer, PSLF forgives the remaining balance on your Direct Loans after 120 qualifying monthly payments under a qualifying repayment plan. Learn more about PSLF here and about forgiveness for nonprofit workers. Your eligibility is primarily based on your employment, and more jobs qualify for PSLF than you may think. But it’s imperative to re-certify each year, and ensure your paperwork, records, and enrollment remains up to date.

Income-Driven Repayment (IDR)

IDR plans cap your monthly federal student loan payments at a percentage of your discretionary income. Applying for the right plan can be crucial for borrowers as they manage their repayment strategy and plan for their financial future. Explore the different IDR plans here and let a Laurel Road student loan counselor help you choose which one is best for your situation.

IDR Comparison Chart

Qualifying for student loan forgiveness

Eligibility for student loan forgiveness depends on several factors, including income, family size, employment type, and loan type. Laurel Road’s experts can help you understand these factors and determine your eligibility. Learn more about who qualifies for student loan forgiveness here.

The application process can be daunting, but Laurel Road can help simplify it for you. If you’re already in the right repayment plan, their membership can help you stay on track to forgiveness year after year. This includes keeping up with income or family size changes to ensure your IDR payments remain manageable and eligible.

If your ultimate goal is student loan forgiveness, then Laurel Road can help you achieve it with less stress. Visit these resources for more help understanding how to apply and qualify for student loan forgiveness programs:

• How to Apply for Student Loan Forgiveness
• How to Get Student Loan Forgiveness with IDR
• How to Apply for an IDR Plan

Peace of mind with the help of student loan experts

Laurel Road’s experts can tailor solutions to your unique circumstances, helping you save money and make progress toward student loan freedom. Our student loan specialists can help you put the puzzle pieces together and provide you with the tools to understand and leverage the available programs. Focus on your life and career, not your student loan debt.

Tools to help you manage your path to forgiveness

Through ongoing PSLF/IDR counseling, Laurel Road Student Loan Freedom can help borrowers track their path to forgiveness with ease. The new Laurel Road Freedom Plus Checking^SM account is specifically designed for student loan borrowers pursuing forgiveness, with a dashboard that keeps you organized by displaying your estimated forgiveness amount and date, and tracking your qualifying student loan payments each month. The Forgiveness Payment Tracker lets you see your forgiveness progress online or in your mobile banking app. And when you add an account during enrollment and make qualifying checking activities, you’ll receive an additional discount on your annual forgiveness counseling membership.