{"id":33874,"date":"2013-10-22T19:19:48","date_gmt":"2013-10-22T19:19:48","guid":{"rendered":"http:\/\/www.ou.org\/life\/?p=33874"},"modified":"2013-10-22T20:15:55","modified_gmt":"2013-10-22T20:15:55","slug":"dealing-student-debt","status":"publish","type":"post","link":"https:\/\/www.ou.org\/life\/money\/dealing-student-debt\/","title":{"rendered":"Dealing With Student Debt"},"content":{"rendered":"

\"Wiping<\/a>If you\u2019re anything like 37 other million Americans, you\u2019ve got an outstanding student loan debt. However, thanks to several new government\u00a0programs, you\u00a0could see your monthly payments shrink to close to zero. David Siegel, a bankruptcy attorney and home lending specialist at Citibank, will speak about the topic\u00a0tomorrow, Oct. 22 both live at OU Headquarters and via webcast: http:\/\/www.ou.org\/jobcast<\/a>\u00a0at\u00a05:30 p.m.\u00a0At this free event, he\u00a0will be discussing ways in which you can lower your monthly payments as well as decrease the total student debt loan.<\/p>\n

Here is the countdown of what will be covered:<\/p>\n

5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b>See what the government can offer you<\/b><\/p>\n

The government offers several programs that can reduce your debt load. The Income Based Repayment program decreases monthly payment according to a formula based on family size, income and the national poverty level. Seigel says, in one example, that a person\u2019s monthly payment can be decreased from $547 to $142.<\/p>\n

4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b>Consider a career in public service<\/b><\/p>\n

A new program from the federal government allows people who work in the public service field \u2014 teachers, nurses, firefighters, police officers, soldiers and legal aide attorneys \u2014 to totally wipe out their debt after 10 years and 120 verified payments without any negative effect to their credit rating. \u201cThe basic premise is they want to reward people who are taking occupations that don\u2019t pay as much as other professions,\u201d Seigel explains.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b>Always make payments<\/b><\/p>\n

At the end of 25 years most outstanding student debt loans from the government are waived. A new program may even lower that to 20 years, but the catch is you need to make all the payments.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b>Don\u2019t declare bankruptcy<\/b><\/p>\n

Siegel says that no matter how dire the straits, government student loans, unlike credit card debts, are not forgiven by declaring bankruptcy.<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b>Attend or tune\u00a0in to the presentation<\/b><\/p>\n

Siegel will be discussing the full reach of the government loan forgiveness programs\u00a0tomorrow\u00a0as well as providing the details of how to apply.<\/p>\n","protected":false},"excerpt":{"rendered":"

Thanks to several new government programs, you could see your monthly student loan payments shrink to close to zero. <\/p>\n","protected":false},"author":1008,"featured_media":33875,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cloudinary_featured_overwrite":false,"footnotes":""},"categories":[82,96],"tags":[],"class_list":["post-33874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-news"],"yoast_head":"\nDealing With Student Debt - OU Life<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ou.org\/life\/money\/dealing-student-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dealing With Student Debt - OU Life\" \/>\n<meta property=\"og:description\" content=\"Thanks to several new government programs, you could see your monthly student loan payments shrink to close to zero.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ou.org\/life\/money\/dealing-student-debt\/\" \/>\n<meta property=\"og:site_name\" content=\"OU Life\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-22T19:19:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-10-22T20:15:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ou.org\/life\/files\/iStock_000018417562XSmall.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"425\" \/>\n\t<meta property=\"og:image:height\" content=\"282\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Orbach\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Orbach\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ou.org\/life\/money\/dealing-student-debt\/\",\"url\":\"https:\/\/www.ou.org\/life\/money\/dealing-student-debt\/\",\"name\":\"Dealing With Student Debt - 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