There is a startling new way to tackle your student loans.  Instead of working tirelessly and budgeting tightly, some research may prove extremely beneficial when it comes to paying off that large sum.

This new way is not the lottery; in fact, all you need is a computer.  There is an institution known as My Education Solutions that helps its beneficiaries find ways to eliminate debt.  It can be found online with a simple search of the name with all of the relevant information.

This program works in a fairly simple way.  Basically, signing up with My Education Solutions allows you to filter your information through all seventeen government programs that are meant to help those with bad debt problems from educational loans.  If you are eligible under one of these seventeen programs, then you can possibly receive a better deal on your overall student loan payment. It should be noted that loans from private lenders and banks are not eligible.

Once one of these programs is selected (whether eligible for only one or multiple), a better payment plan is negotiated.  First, the payment term is bumped to either 10 years or 25 years which is dependent on the type of career involved.  A range of possible monthly payments is available; these monthly payments may be a minimum of $50 or a maximum of $120.

Natixis Modifies Student Loan Benefits for Employees

For the majority, payments within this range are a decent reduction from previous amounts.  One example shows a payment being reduced from $1000 to only $100; this is a striking disparity that most people can endorse.

There is one major final point to be made about these programs: they are debt forgiveness programs.  This means that the remainder of the sum is forgiven after payments are made over either 10 or 25 years.  Yes, that is right; they are forgiven.

Since there are seventeen different programs, there are seventeen different possible outcomes from putting your trust into My Education Solutions.  With this in mind, the outcome of the application relies purely on the amount of debt accrued; these programs do not take into account the size of income.

Despite there being so many possible outcomes, many of them lead to a sizable sum of owed money to be forgiven by the government.

This represents a startling new way to get rid of that nasty thorn on your side.  It can help open plenty of new doors to your life without a metaphorical weight chained to your leg in the financial sphere.