On August 24, 2022, the U.S. Department of Education announced targeted student debt cancellation programs to address the continuing impact of COVID-19 on borrowers' income. The program cancels debt held by the Department of Education (click here and sign in to see if...
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Income-driven repayment plans for student loans
If the Loan Simulator indicates that you will do better with an income-driven repayment (IDR) plan, you still have plenty of options. The following options are available: Revised Pay As You Earn Repayment (REPAYE) Plan Participants pay 10% of their discretionary...
Traditional repayment plans for student loans
So, you are beyond the need for a deferment or forbearance in your student loan payments and now you are looking for a long-term solution to paying your student loan balance. Most of your federal student loans offer several options for repayment depending upon your...
Forbearance in student loan payments
If you do not qualify for a deferment as we discussed in our last blog, you may qualify for a forbearance. Optional forbearances for direct, FFEL loans and Perkins loans can be granted in the discretion of the servicer for: financial difficulties medical expenses...
Deferment of student loan payments
So, you cured your defaulted payments under your student loans (see prior blog if not), and you are ready to tackle the daunting task of affording your future student loan obligations. Provided you are willing to work with your servicer, several options are available...
Curing defaults in student loans
If you went to school beyond high school, chances are student loans went with you. Whether they were federally backed loans or private loans, an effective strategy to repay these student loans is essential for your financial and mental health. If you feel like you hit...