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Laurel Road: Exploring How Long It Takes to Pay Off Student Loan Debt
NEW YORK, June 16, 2023 (Newswire.com) - Laurel Road: The journey to repay student loan debt could take many years, depending on various factors. On average, borrowers take about 20 years to pay off their loans, but with a relatively small balance, they may be able to pay off the debt within just a few years of graduation. And borrowers with the resources to make substantial payments may drastically reduce their repayment time. Read on to learn more about the factors that determine how long it takes to pay off student loan debt.
Types of student loans
The type of student loan will influence repayment options and timelines. Federal loans, which account for about 90% of student debt, offer repayment plans and programs with various loan terms. Private loan terms depend on the individual lender, as some may have variable rates that could affect repayment timelines. Private loans may take between 5 and 20 years to repay, depending on the financial institution's guidelines.
Repayment plans
A borrower's repayment plan plays a major role in determining the time it takes to pay off their student loan debt. Each private lender may offer unique payment plan options, and refinancing could either extend or shorten the payment term. Federal student loans offer several options, such as income-driven repayment plans, that depend on a borrower's income, and several that don't. Each plan can impact how long it takes to repay a loan:
Income-Driven Repayment (IDR) plans are typically paced at 20 or 25 years of payments, after which the balance may be eligible for student loan forgiveness. Those who work in the public sector or at a qualifying non-profit may also qualify for Public Service Loan Forgiveness (PSLF) with a repayment plan of ten years before loan forgiveness.
In the Standard Repayment Plan, borrowers pay a fixed monthly amount to repay their student loan within ten years. Most people with student loan debt automatically enroll in this plan.
What else affects repayment timelines?
Additional factors could influence how long it takes students to repay their loans.
Federal Proposals. Since 2020, student loan payments and interest have been paused in response to the COVID-19 pandemic, and the Biden-Harris administration has also proposed a student loan relief plan which would eliminate $10,000 or $20,000 of debt for qualifying borrowers. Other proposals include reforms to IDR plans. Each of these decisions may impact repayment timelines for federal student loans.
Forbearance or Deferment. Borrowers who are struggling with payments may apply for forbearance or deferment. Forbearance pauses payments for up to a year at a time, but the loans may continue accruing interest. Alternatively, if a borrower is in school, unemployed, or meets other need-based qualifications, they may apply for deferment, which delays loan payments as long as the need persists. Perkins loans and subsidized loans don't accumulate interest during deferment. However, both forbearance and deferment may extend repayment terms by several years, which is why an IDR plan is generally considered a better option for those who need help making loan payments.
Consolidation. Borrowers may consolidate multiple loans to streamline their repayment process. Sometimes, loan consolidation could reset the repayment schedule, potentially even extending the repayment period to 30 years.
Principal Payments. Borrowers with the means can always contribute extra payments toward their principal loan balance, which will not only cut the total repayment time but also reduce the total interest paid over the life of the loan.
Final Thoughts
Most repayment plans allow for debt resolution within 10 to 25 years with consistent payments. Borrowers struggling to make monthly payments have options to make the process more manageable—through refinancing or a new payment plan—though it may extend the term of the loan. Meanwhile, those with the resources could choose to accelerate their loan repayment process by making larger monthly payments or by paying down the principal. There are many paths available, depending on the borrower's loan type, balance, resources, and future financial plans.
About Laurel Road
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $7 billion in federal and private school loans.
Contact Information:Carolina d'Arbelles-Valle
Senior Public Relations Specialist
[email protected]
(201) 633-2125
Original Source: Laurel Road: Exploring How Long It Takes to Pay Off Student Loan Debt
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China’s Mega Wealthy Invited to Ultra Private Fertility Consultations
BEVERLY HILLS, Calif., June 15, 2023 (Newswire.com) - IMA ART Fertility Co-Founders Michelle Tang and Ron Sonnenberg travel from their Beverly Hills homebase to The Four Seasons Shenzhen end July - bringing with them private luxury fertility consultations for current and future discreet clientele interested in creating heirs in the U.S.
For China's mega-wealthy, who want the very best in U.S. Assisted Reproductive Technology and Surrogacy solutions, a discreet, private session with the Founders offers total confidentiality and an opportunity to learn all the latest fertility techniques and legal protections.
Private clients are cordially invited to personally meet with Michelle Tang - the firm's CEO and Ron Sonnenberg, at the upscale luxurious Four Seasons in Shenzhen. Clients will receive an initial private evaluation according to their individual family creation needs.
Clients are invited to reserve a time to meet the Co-Founders and are encouraged to openly discuss their family creation goals and the opportunity to create heirs. In turn, the Co-Founders will ask questions and begin to craft a customized fertility solution for each client.
IMA ART Fertility operates in the state of California, where there are no legal restrictions preventing any single person or couple from achieving dreams of parenthood. Intended parents from China who seek fertility help in California may also have the option to select the preferred gender of their baby. Other available options include egg freezing, plus sperm and egg donor arrangements, essential for single men or women wishing to become parents. If a woman is not able to conceive naturally and/or to carry the fetus to term, Surrogacy is legal in the state of California, and IMA ART are specialists in surrogacy arrangements.
IMA ART's suite of fertility and surrogacy solutions are geared towards ultra-busy, highly affluent clients, which makes it a highly attractive partner in the process of becoming parents. Cross-border assisted reproductive technology requires careful advance planning and impeccably-executed logistics. For individuals who may not have a network in California and may not speak English fluently, creating children in a foreign country may be daunting. IMA ART Fertility handles all the logistics and administrative paperwork on behalf of the intended parents - providing daily updates and "white glove" guidance from start to finish. IMA ART is with you at every step along the way to parenthood.
About the Company: IMA ART offers the first-of-its-kind significant, unique, and consistently elevated luxury fertility experiences to intended parents from around the world. The privately held company is a high-value, bespoke professional advisory service providing transformative luxury fertility & surrogacy concierge services in Beverly Hills. The company's exclusive suite of discreet fertility options is exclusively available to busy high-net-worth individuals. Learn more about IMA ART Fertility.
Contact Information:Ron Sonnenberg
Co-Founder
[email protected]
(424)-284-1408
Original Source: China's Mega Wealthy Invited to Ultra Private Fertility Consultations