Consumer reports consolidating student loans
These LRAPs typically pay 100 percent of the monthly loan payment if the graduate's employment income is below ,000 a year.
Millennials who start off their careers with ,000 in student loan debt, for example, may end up with 5,000 less in retirement savings than if they had no debt, according to a recent study by LIMRA, an association of more than 850 financial services companies.
What should you look for in a good assistance program?
Another option: Many employers offer LRAPs to attract and retain new employees.
Those provided by government and non-profit employers help reduce the out-of-pocket cost of your payments and subsidize your 10-year journey toward forgiveness of any remaining balance. military, for instance, is authorized to offer active-duty, enlisted service members a total of up to ,000 in federal student loan payments.