You have different options for dealing with your student loans depending on what your goals are. These are some questions to consider:
Pay your loans off faster
If you are looking to pay off your student loans as quickly as possible, visit our page on repayment plans to learn about the different options you have to repay your loans. You should also visit our loan cancellation and forgiveness page to see if you are eligible to have any of your loans forgiven or canceled.
Get into an affordable repayment plan
If you are interested in lowering your monthly student loan payments, and signing up for a more affordable repayment plan, visit our page on Income-Driven Repayment (IDR). Did you know that you can get your federal student loans canceled after 20-25 years if you are enrolled in an IDR plan? Get a lower monthly payment amount while working toward loan cancellation with IDR.
Use the Loan Simulator Tool
The Department of Education has a Loan Simulator tool that you can use to calculate student loan payments under various plans and choose a loan repayment option that best meets your needs and goals. If you want to pay off your loans faster or find an affordable repayment plan, start with the Loan Simulator!
See if you qualify for loan cancellation or forgiveness
There are a number of programs you can apply for to have your federal student loans canceled or forgiven depending on your situation. Some of these programs are based on your situation, such as your job or disability, while others are based on what happened while you were at school. For example, did the school lie to you about your program or close before you could finish? See our cancellation page for more information about loan forgiveness.
Stop collections and get out of default
Most student loan collections are currently on pause, but if you are concerned about collections happening again once repayment resumes or if you are dealing with current collections issues, visit our page on collections and default. Right now, you may be able to take advantage of a limited time program to get your federal student loans out of default quickly and easily through the Department of Education’s Fresh Start program.
If you are facing collections because of your private student loans, visit our page on dealing with private student loan debt.