New loan repayment help site

New loan repayment help site

New loan repayment help site

But even though there aren't formal private student loan forgiveness programs like for federal student loans, there are a few things you can do to try to ease the burden of your private student debt.

Like the pay as you earn program, for example, which doesn't allow student loan payments to be more than 10% of what you make each month.

The Department of Education launched the site, which helps students find re-payment options that help them.

The CFPB unveiled what it has dubbed the "Payback Playbook", which would provide individualized repayment information on monthly bills, emails, and loan accounts.

If you log into the Federal Student Aid website when you use it, the estimator can automatically use your loan information.

The new website is part of the Obama administration's effort to enroll an additional 2 million people into repayment programs.

The Department of Education can help you consolidate your student loans, see if you qualify for student loan forgiveness, and give you advice on how to get out of default.

"The bureau continues to emphasize that no consistent, market-wide federal standards exist for conduct of student loan servicers".

Education Secretary John King told reporters during a conference call that he's still paying off loans he took out as a graduate student. Federal student loan debt has more than doubled to roughly $1.3 trillion over the last decade. Both are worthwhile goals for what's now a confusing web of repayment plans, with cloudy rules for how the companies that manage loan payments can interact with borrowers. PAYE would appear on the Playbook as one of two alternatives to her current plan, should the borrower choose to switch.

The CFPB is welcoming public comment on the disclosure form through June 12. Remember, missing payments will impact your credit.

The Student Debt Challenge, a series of actions by partner organizations that have pledged to help borrowers understand their repayment options (NerdWallet is among them).

But while the agencies have a lengthy list of goals to achieve in President Obama's final months in office, it's unclear when exactly borrowers may see the results of the plans announced today.

A new single student loan servicing portal that will make it easier for borrowers to repay their loans.

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