3 Ways You Can Keep on Track With Loan Payments
- Change your payment due date. Do you get paid after your student loan payment is due each month? If so, contact your loan servicer and ask whether you’d be able to switch the date your student loan payment is due.
- Change your repayment plan. What you ultimately pay depends on the plan you choose and when you borrowed. If you need lower monthly payments, consider an income-driven repayment plan that’ll base your monthly payment amount on how much you make.
- Consolidate your loans. If you have multiple student loans, simplify the repayment process with a Direct Consolidation Loan—allowing you to combine all your federal student loans into one loan for one monthly payment.
There are some circumstances that may result in your no longer having to repay your federal student loan. For instance, some or all of your loan could be forgiven in exchange for your performing certain types of service such as teaching or public service. Or the obligation to make further payments on your loan might be discharged based on specific factors such as your school closing or your becoming totally and permanently disabled. Take a look at all the possibilities: Find out what circumstances qualify your loans for forgiveness, cancellation, or discharge
“How to Manage Your Student Loans” Video
Check out this video to learn more about changing repayment plans, postponing or reducing your payments, or combining your federal student loans.
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