Options are available for those faced with repaying student loans
MIAMI - In just a matter of months people with student loan debt will have to start making payments.
This comes after the US Supreme Court ruled against President Joe Biden's student loan debt forgiveness plan. For those who may be struggling, there are options out there, it all depends on your income and your job.
"If I am eligible for the income driven repayment, they'll consolidate all of my loans," said Sol Ortiz qualifies for a program recently launched by the Biden administration.
It's known as the Saving on a Valuable Education (SAVE) Plan where payments are based on the borrower's monthly income and after 25 years the debt could be forgiven.
Ortiz just started working and without the option, her payment would be astronomical.
"If I'm not in the income driven repayment plan, (it would be) $900 a month, which is not sustainable for anybody in this economy in Florida," she said.
Based on her income and the type of job she does, Ortiz payment would be $140.00 dollars a month.
Ortiz who graduated with a Master's Degree in Global Strategic Communications is also considering the option of public service loan forgiveness. To qualify, people have to hold a position in their field for 10 years, and after 120 monthly payments debt is cleared.
Ortiz said she's frustrated by the 6-3 ruling by the Supreme Court which found that President Biden had no authority to cancel $430 billion in student debt.
"Not everybody is privileged to have families, not everybody is privileged to have the opportunity to have a support system that helps facilitate that, not everybody can make a student loan payment," she said.
There is also an option for forgiveness for teachers. The requirement is to teach for five years in a school serving low-income students. Up to $17,500 in federal debt will be erased.
Those interested in the forgiveness programs can learn more at studentaid.gov.
