Student Loan Repayment Options
If you are struggling to repay federal student loans, there are a variety or repayment options available to you. For instance, you can stick with the standard plan (ten years), go with a graduated repayment plan (your payment starts low and increases over time), or get an extended repayment plan (you stretch the payments over more than ten years).
And if you are a low-wage earner, going through a financial hardship, or have a large amount of student loans, the federal government has even more flexible plans available for repaying federal student loans (these plans don't apply to private student loans). In these plans, your payment depends on your income.
Finally, you may be able to consolidate one or more loans to get a better interest rate or terms.
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Student Loan Repayment Options
When it comes time to repay your student loans, many lenders offer a variety of repayment plans -- some of them quite flexible. The plans available to you depend on the types of loans you have. Find out what kind of loans you have, learn about the options, and make the best choice for your financial situation.
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Standard Federal Student Loan Repayment Plans v. Income-Based Plans
When it is time to repay your federal student loans, you have several different repayment plans you can choose from.
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Tax Filing Status and Student Loan Payments
If you are married and repaying student loans under a federal income-driven repayment plan, you have an important choice to make when filing your tax return: whether to file as “married filing jointly” or “married filing separately.” Choosing one over the other might lower your monthly student
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What's the Difference Between Income Contingent Repayment Plans and Income Based Repayment Plans?
The Department of Education offers several repayment plans for borrowers of federal student loans. If your debt is high relative to your income, you may be eligible for one of these plans.
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The Pay as You Earn Repayment Plan for Student Loans
If you recently took out federal student loans but find that you are not making enough income to cover the monthly payments, the new federal Pay as You Earn Repayment Plan (PAYE) could help you.
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Repaying Private Student Loans: Watch Out For These Pitfalls
Paying your private student loans isn’t always straightforward. According to a recent study, borrowers with private student loans cite numerous problems related to making loan payments.
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Can I Modify the Repayment Plan for My Private Student Loan?
If you have student loans that you took out from a private bank or lender (that is, loans that are not federal student loans) you cannot take advantage of the federal flexible repayment plans. You can negotiate a loan modification with your private student loan lender or servicers, but according to a
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How to File a Complaint About a Private Student Loan
Many people who took out student loans with a private lender (as opposed to taking out federal loans) end up
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Should I consolidate federal student loans into a private consolidation loan?
Be very cautious about consolidating a federal student loan into a private consolidation loan. Federal student loans have many more repayment options than do private loans. Once a federal loan is converted into a private loan, those options are gone forever. If you lose your job or your income changes,
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Student loan consolidation is a good option if you are having trouble paying your loans. You can “consolidate” just one loan, or several loans.
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Beware of Student Loan Debt Relief Services
The skyrocketing rate of student loan debt and default has lead to an undesirable side industry: companies promising student loan debt relief services. Many of these companies promise an end to your student loan problems, or even the elimination of your student loans completely. Unfortunately many consumers
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