Student Loan Repayment
Student Loan Payments Too High?
Are you struggling to make your federal student loan payments? If so, there’s good news! You don’t have to remain in your current repayment plan.
If your financial situation has changed, there are several student loan repayment options available to help you stay in good standing without breaking the bank. At MoneySolver, our student loan advisors can help you determine which one is best for you!
Student Loan Repayment Options
When you left college, you were likely placed in a standard repayment plan. This option allows you to pay off your loans within 10 years at a fixed monthly payment. Although it works for many borrowers, it’s not your only option.
Income-Based Repayment Plan (IBR)
Under IBR, your payments will be either 10% or 15% of your discretionary income, but never higher than it would be under a standard repayment plan. Any debt not paid off by the end of the repayment period (20 or 25 years) will be forgiven.
Income-Driven Repayment Plans
IBR is just one of the many income-driven repayment plan options. Others include Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR). Under these plans, if your income is low enough, your payment could be as low as $0 per month.
Extended Repayment Plan
If you need to make lower payments over an extended period of time, the Extended Repayment Plan could be right for you. Your payments may be fixed or graduated, and you’ll have up to 25 years to repay your loans.
Eligibility for the various types of student loan repayment plans is based on the type of federal student loan you have, as well as family size and income. To see if you qualify, call 855-476-6920 and speak with a MoneySolver student loan advisor today!
Income-Based Repayment Calculator
Not sure if an Income-Based Repayment Plan is right for you? Use our handy calculator to estimate how much your monthly payments would be under IBR.