Update Your Stale Student Loan Payment Plan
Not satisfied with the student loan payment plan you got right out of school? We don’t blame you.
There’s good news: it’s not set in stone. You can take advantage of new or different ways to pay.
There are two main types of payment plans: standard and income-based.
Standard Payment Plan
If you’re looking to minimize interest and pay off the loan as quick as possible, a standard plan might be best for you. This option entails fixed payments for up to 10 years, unless you have consolidated loans (10 to 30 years). Not able to pay that fast? Than you may opt for an income-driven plan.
Paying off a loan quickly isn’t possible for everyone. With income-based repayment plans, your obligations aren’t fixed, but dependent on factors such as:
We can help you find the lowest income-based repayment plan allowed by your servicer, if that’s your objective.
Choosing (and Switching) Between Plans
What may work for you today may not work for you in three years, or even six months from now. That’s why borrowers can change or switch their student loan payment plan throughout the loan’s lifetime. While you can check with your servicer to change plans, they typically don’t offer up options in your best interest. We do. Our Student Loan Advisors can explain how to switch between each plan and the best time to do it. We’ll work with your financial and life situation to help guide you, all with your goals in mind.