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There are four federal student loan repayment options. Standard or income-driven repayment plans work for most borrowers. Some plans even offer student loan forgiveness.
In this guide, we’ll help you understand your student loan repayment options. Plus, we cover which student loan repayment plan is best based on your situation.
The tool helps you review different student loan repayment plans and compare estimated monthly payments, total paid over time, and more. Under some income-driven repayment (IDR) plans, including the new Saving on a Valuable Education (SAVE) Plan , your monthly payment could be as low as $0.
First, choose a repayment plan that supports your goals. There are several options, each plan with its own pros and cons. Use the Education Department’s Loan Simulator to compare plans and find the one that's best for you. Before you decide, check if you qualify for student loan forgiveness.
There are over 150 different options for your student loans - from Federal loans, private loans, loan forgiveness plans, and more. It's important to remember the best student loan repayment plan is the one that you can afford to pay each month, on time, without missing payments.
You can divide federal student loan repayment plans into two buckets: traditional plans and income-driven plans. Your repayment goals typically determine the best choice for your...
Congress voted to end the payment pause in June 2023. After more than three years without payments, many borrowers were at risk of delinquency or default. To ease borrowers’ transition back to repaying their loans, the Department created a 12-month “on-ramp” to prevent the worst consequences of missed, late, or partial payments, including ...
Federal Student Loans: Repaying Your Loans—Provides information about federal student loan repayment plan options, finding loan history and loan servicers, and making payments.
If you can make payments and want to save money on student loan repayment, two of your best options are the standard repayment plan and refinancing your loans. Standard plan. Federal student loans: The standard repayment plan for federal student loans is 10 years. Private student loans: The standard repayment plan length varies depending on the ...
Find out the best and worst methods of student loan repayment, and learn more about the student debt crisis from Consumer Reports' special feature.