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<p>Change Your Financial Future with <a data-mce-href="https://www.gochanged.com/" href="https://www.gochanged.com/">ChangED</a> – A Smarter Way to Tackle College Debt<br>Are you a college student or a recent graduate struggling with loan repayments?</p><p>Are you looking to get a jump on paying off you debt earlier?&nbsp;</p><p>&nbsp;If so, ChangED might just be the game-changer you have been waiting for. Endorsed by Shark Tank and backed by Mark Cuban, ChangED is an innovative application that aims to help you #DoDebtDifferently!</p><h3>What is ChangED?<br></h3><p>ChangED is a ground-breaking app designed to eliminate your debt efficiently while helping you build saving goals. With the ability to link all your loans in one easy-to-use application, ChangED empowers you to establish effective repayment strategies based on your personal debt and spending habits. The app then helps you save in small increments, applying these savings towards your financial goals or your debt, thereby allowing you to cut down the debt repayment time significantly.</p><p><br></p><h3>How Can ChangED Help You?</h3><p><br>Set Savings Goals – Pay Off Debt Automatically<br>With features like Stash My Cash and Payoff, ChangED enables you to set realistic saving goals and accelerates your debt repayment. It's as simple as making everyday purchases and setting up scheduled transfers in line with your budget. The app uses the spare change from your transactions to help you reach your savings goals and pay off your debts faster.</p><figure id="figure-4zh0rwc3dalw9eyytj"><img id="4zh0rwc3dalw9eyytj" src="https://cdn.durable.co/blocks/9rEGQYV2Yse129A2bjVdtY5JgNMFXXuVtEAga6aPMcQJgQQo29EqYTz1F0hfpx2C.png" alt="gray fence" title="gray fence" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure><h3>Track Your Progress – With Automated Solutions</h3><p><br>ChangED makes the journey to financial freedom seamless and straightforward. By eschewing the need for refinancing or credit checks, the app automates your savings and payments towards your debt while simultaneously keeping you informed about the amount of interest you save with each penny you direct towards your debt. Now, you can save thousands in interest and become debt-free years earlier than you ever imagined.</p><p><br></p><figure id="figure-rouor3ut9lw9etq4b"><img id="rouor3ut9lw9etq4b" src="https://cdn.durable.co/blocks/16coJM0Q25xt97Oxqfu55BlS0VLwVutDTTPqso6TtxzzD2aDXELENVfTWiYvYf9b.png" alt="selective focus photo of gray padlock" title="selective focus photo of gray padlock" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/16coJM0Q25xt97Oxqfu55BlS0VLwVutDTTPqso6TtxzzD2aDXELENVfTWiYvYf9b.png" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Join a Thriving Community – Save Millions Together</h3><p><br>To date, ChangED has helped its member base repay over $80 Million in debt. It's not just about the numbers though - our members love us! By joining ChangED, you'll get access to a supportive community committed to financial empowerment, paving the way towards a debt-free future.</p><p>Taking control of your financial future has never been easier. With ChangED, say hello to smart saving, faster loan repayments, and ultimately, a debt-free life. Remember, the sooner you start, the better. So, sign up today, and let's bid a heartfelt R.I.P. to Debt!&nbsp;</p>

Pay off your Debt Faster with ChangED App

<p>Balancing federal and private student loans can be a daunting task for many borrowers. While federal loans offer flexible repayment options and borrower protections, private loans often come with higher interest rates and fewer repayment benefits. </p><p>In this guide, we'll explore strategies for effectively managing both federal and private student loans to navigate your debt burden successfully.</p><h2>Set your priorities</h2><p>There are various things to consider when determining the right approach to managing your loans. <br><br>However, these sometimes may be at odds for each other. For instance, you might be able to lower your monthly payment through <a data-mce-href="https://fifthyearfinance.com/blog/repaying-your-federal-student-loans--the-basics" href="https://fifthyearfinance.com/blog/repaying-your-federal-student-loans--the-basics">various repayment options</a> but this may result in paying more on your loans over time.</p><p>Inversely, you might decide paying off your loans as soon as possible is the best thing for you. You might save money in the long run, but you'll need to pay more today which might limit your ability to do other things today.&nbsp;</p><h2>Understanding Your Loans</h2><p>First and foremost, it's crucial to understand the types of loans you have. Federal loans typically offer more flexibility with repayment options, while private loans may have higher interest rates and fewer forgiveness programs. Make a list of all your loans, including the lender, balance, interest rate, and repayment terms.</p><figure id="figure-nokfklktpklvoe39dr"><img id="nokfklktpklvoe39dr" src="https://images.unsplash.com/photo-1544717305-2782549b5136?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw0fHxzdHVkZW50JTIwbG9hbiUyMHJlcGF5bWVudHxlbnwwfHx8fDE3MTQ2MDEyNjh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="student loan repayment" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1544717305-2782549b5136?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw0fHxzdHVkZW50JTIwbG9hbiUyMHJlcGF5bWVudHxlbnwwfHx8fDE3MTQ2MDEyNjh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Federal Loan Repayment Options</h3><p>For federal loans, you may have several repayment options to choose from:</p><ul><li><strong>Standard Repayment:</strong> Fixed monthly payments over a 10-year term.</li><li><strong>Income-Driven Repayment:</strong> Payments based on your income, with the possibility of loan forgiveness after 20-25 years.</li><li><strong>Graduated Repayment:</strong> Payments start low and increase every two years.</li></ul><h3>Private Loan Repayment Strategies</h3><p>Private loans often have less flexibility, but there are still strategies you can use to manage them effectively:</p><ul><li><strong>Refinancing:</strong> If you have a good credit score, consider refinancing your private loans to secure a lower interest rate.&nbsp;</li><li><strong>Consolidation:</strong> Combine multiple private loans into one to simplify your monthly payments.<br><br><strong>A Warning: </strong>You might be able to consolidate both your federal and private loans into one loan package. There are several reasons to do this, lower rates, convenience etc. However, you'll lose the ability to access the many benefits of the federal loan program including forgiveness and forbearance.&nbsp;</li></ul><figure id="figure-rz1yf8nieqlvoe4gct"><img id="rz1yf8nieqlvoe4gct" src="https://images.unsplash.com/photo-1461039088886-b5c863279a0e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxzdHVkZW50JTIwbG9hbnxlbnwwfHx8fDE3MTQ2MDI2MDh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="student loan" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1461039088886-b5c863279a0e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw4fHxzdHVkZW50JTIwbG9hbnxlbnwwfHx8fDE3MTQ2MDI2MDh8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h2>Consider your options and make a plan</h2><p>Once you understand your loans and available options, create a repayment plan that works for your financial situation. <br><br>Consider factors such as your income, expenses, and future goals when determining how much you can afford to pay each month.</p><h3>Automate Your Payments</h3><p>To avoid missing payments and incurring late fees, set up automatic payments for your loans. Many lenders offer interest rate discounts for enrolling in autopay, which can help you save money over time.</p><figure id="figure-awg7k5lgolvoe4gzj"><img id="awg7k5lgolvoe4gzj" src="https://images.unsplash.com/photo-1579389083395-4507e98b5e67?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyN3x8bG9hbiUyMHJlcGF5bWVudCUyMHBsYW58ZW58MHx8fHwxNzE0NjAyNjA5fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="loan repayment plan" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1579389083395-4507e98b5e67?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyN3x8bG9hbiUyMHJlcGF5bWVudCUyMHBsYW58ZW58MHx8fHwxNzE0NjAyNjA5fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Seek Assistance if Needed</h3><p>If you're struggling to make your loan payments, don't hesitate to reach out to your loan servicer for assistance. They may be able to offer deferment, forbearance, or alternative repayment plans to help you stay on track.</p><h2>Monitoring Your Progress</h2><p>Regularly monitor your loan balances and progress towards repayment. By staying informed about your loans, you can make adjustments to your repayment plan as needed and ensure you're on track to becoming debt-free.</p><p>Remember, managing student loan repayment is a marathon, not a sprint. Stay proactive, seek guidance when needed, and stay focused on your financial goals to successfully navigate the repayment process.</p>

Navigating Federal and Private Loans

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<h2>&nbsp;Loan Forgiveness Programs: an Introduction</h2><p>As the cost of higher education continues to rise, many students find themselves burdened with substantial student loan debt upon graduation. Fortunately, there are federal student loan forgiveness programs available that can help alleviate this financial strain. The following is a general overview of what these programs are.&nbsp;</p><h3>1. Public Service Loan Forgiveness (PSLF)</h3><p>The Public Service Loan Forgiveness program is designed for individuals who work full-time for a qualifying public service organization, such as government or non-profit agencies. To qualify for PSLF, you must make 120 qualifying payments while working in a qualifying job. After meeting these requirements, the remaining balance on your federal Direct Loans may be forgiven.</p><figure id="figure-hczzu297zlvodzm8q"><img id="hczzu297zlvodzm8q" src="https://images.unsplash.com/photo-1516534775068-ba3e7458af70?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHxmZWRlcmFsJTIwc3R1ZGVudCUyMGxvYW4lMjBmb3JnaXZlbmVzc3xlbnwwfHx8fDE3MTQ2MDIzODN8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="federal student loan forgiveness" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1516534775068-ba3e7458af70?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHxmZWRlcmFsJTIwc3R1ZGVudCUyMGxvYW4lMjBmb3JnaXZlbmVzc3xlbnwwfHx8fDE3MTQ2MDIzODN8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>2. Teacher Loan Forgiveness</h3><p>If you are a teacher, the Teacher Loan Forgiveness program offers potential relief from your student loan debt. To be eligible, you must teach full-time for five consecutive years in a low-income school or educational service agency. Depending on your qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans or your Subsidized and Unsubsidized Federal Stafford Loans.</p><h3>3. Income-Driven Repayment (IDR) Plans</h3><p>Income-Driven Repayment plans are designed to make your monthly loan payments more affordable based on your income and family size. These plans include Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). After making qualifying payments for 20 to 25 years, depending on the plan, any remaining balance may be forgiven.</p><figure id="figure-s158fzfsa9lvodznpt"><img id="s158fzfsa9lvodznpt" src="https://images.unsplash.com/photo-1456406644174-8ddd4cd52a06?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw3fHxmZWRlcmFsJTIwc3R1ZGVudCUyMGxvYW5zfGVufDB8fHx8MTcxNDYwMjM4NXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="federal student loans" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1456406644174-8ddd4cd52a06?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw3fHxmZWRlcmFsJTIwc3R1ZGVudCUyMGxvYW5zfGVufDB8fHx8MTcxNDYwMjM4NXww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>4. Perkins Loan Cancellation and Discharge</h3><p>The Perkins Loan Cancellation and Discharge program offers loan forgiveness for individuals who work in specific professions, such as teachers, nurses, or public defenders. The amount of loan forgiveness varies depending on the profession and the length of service. To apply for this program, you must contact the school that made the Perkins Loan or the loan servicer.</p><h3>5. Closed School Discharge</h3><p>If your school closes while you are enrolled or shortly after you withdraw, you may be eligible for the Closed School Discharge program. This program allows you to have your federal student loans discharged, meaning you are no longer responsible for repayment. To qualify, you must meet certain criteria and apply for discharge within a specified timeframe.</p><figure id="figure-drnyozy7ellvodzo0t"><img id="drnyozy7ellvodzo0t" src="https://images.unsplash.com/photo-1519070994522-88c6b756330e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNXx8ZmVkZXJhbCUyMHN0dWRlbnQlMjBsb2FufGVufDB8fHx8MTcxNDYwMTI3MHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="federal student loan" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1519070994522-88c6b756330e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNXx8ZmVkZXJhbCUyMHN0dWRlbnQlMjBsb2FufGVufDB8fHx8MTcxNDYwMTI3MHww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>6. Total and Permanent Disability Discharge</h3><p>If you have a total and permanent disability that prevents you from working and repaying your student loans, you may be eligible for Total and Permanent Disability Discharge. This program offers loan forgiveness for individuals with a severe disability. To apply, you must provide documentation of your disability from a qualified physician.</p><p>Remember, navigating federal student loan forgiveness programs can be complex, and it's essential to understand the specific requirements and eligibility criteria for each program. It's recommended to contact your loan servicer or visit the official Federal Student Aid website for detailed information and guidance.</p><figure id="figure-v0c6jfaha4lvodzp2g"><img id="v0c6jfaha4lvodzp2g" src="https://images.unsplash.com/photo-1523240795612-9a054b0db644?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw5fHxmZWRlcmFsJTIwc3R1ZGVudCUyMGxvYW4lMjBmb3JnaXZlbmVzcyUyMHByb2dyYW1zfGVufDB8fHx8MTcxNDYwMjM4Nnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="federal student loan forgiveness programs" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1523240795612-9a054b0db644?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw5fHxmZWRlcmFsJTIwc3R1ZGVudCUyMGxvYW4lMjBmb3JnaXZlbmVzcyUyMHByb2dyYW1zfGVufDB8fHx8MTcxNDYwMjM4Nnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><p>By taking advantage of these federal student loan forgiveness programs, you can potentially reduce or eliminate your student loan debt. Remember to stay informed, keep track of your eligibility, and take the necessary steps to qualify for forgiveness. With careful planning and perseverance, you can achieve financial freedom and focus on building your future without the weight of student loans.</p>

Navigating Federal Student Loan Forgiveness Programs: A Comprehensive Guide

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5th Year Finance

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Recent blog posts

Pay off your Debt Faster with ChangED App

Navigating Federal and Private Loans

Navigating Federal Student Loan Forgiveness Programs: A C...

Our Supporters

"A.M. Money Helped Me Feel Understood And Taken Care Of Throughout The Process. Thanks To A.M., I Can Now Put My Mind At Ease. I’m Less Stressed About The Demanding Financial Burden And More Focused On My Goals.”

“A.M. Was Very Helpful And Went Above And Beyond To Make Sure That My School And I Were Informed Through The Process.”

“A.M. Is Fair And The Most Competitive Company I've Come Across, So You Can Feel Confident In Managing Your Money And Your Education. Seriously, Dump Discover. A.M. Money Made Working Toward My College Degree Possible.”

"A.M. Money Helped Me Feel Understood And Taken Care Of Throughout The Process. Thanks To A.M., I Can Now Put My Mind At Ease. I’m Less Stressed About The Demanding Financial Burden And More Focused On My Goals.”

“A.M. Was Very Helpful And Went Above And Beyond To Make Sure That My School And I Were Informed Through The Process.”

“A.M. Is Fair And The Most Competitive Company I've Come Across, So You Can Feel Confident In Managing Your Money And Your Education. Seriously, Dump Discover. A.M. Money Made Working Toward My College Degree Possible.”

"A.M. Money Helped Me Feel Understood And Taken Care Of Throughout The Process. Thanks To A.M., I Can Now Put My Mind At Ease. I’m Less Stressed About The Demanding Financial Burden And More Focused On My Goals.”

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