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
A variety of student loan repayment plans are available to fit your financial situation.
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Standard Federal Student Loan Repayment Plans v. Income-Based Plans
Learn about the pros and cons of standard repayment plans and income-based plans for your federal student loans.
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Tax Filing Status and Student Loan Payments
If you are married and have an IBR, ICR, or PAYE student loan payment plan, your tax filing status can affect the amount of your monthly student loan payment.
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What's the Difference Between Income Contingent Repayment Plans and Income Based Repayment Plans?
Compare and contrast three popular student loan repayment plans: income contingent, income based, and the new pay as you earn plan.
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The Pay as You Earn Repayment Plan for Student Loans
With PAYE, you can get lower student loan payments based on your income.
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Repaying Private Student Loans: Watch Out For These Pitfalls
A recent study documents many problems with the way private student loan servicers process payments.
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Can I Modify the Repayment Plan for My Private Student Loan?
Getting a loan modification, deferment, or forbearance for a private student loan is difficult.
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How to File a Complaint About a Private Student Loan
If you are having a problem with a private student loan, you can file an online complaint with the CFPB.
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Should I consolidate federal student loans into a private consolidation loan?
Learn why it's rarely a good idea to consolidate federal student loans into a private consolidation loan.
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If you are having trouble paying student loans, consider a consolidation loan.
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Beware of Student Loan Debt Relief Services
Steer clear of companies charging high fees and claiming they can reduce or get rid of your student loan debt.
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