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Home » For Borrowers » Basics of Student Loans » Understanding Your Student Loan Situation » What are Your Student Loan Goals?

What are Your Student Loan Goals?

You have different options for dealing with your student loans depending on what your goals are. These are some questions to consider:

  • Do you want to pay off your loans as soon as possible?
  • Are you looking for a more affordable repayment plan?
  • Do you want to see if your loans can be canceled or forgiven?
  • Do you need to stop collections or get out of default?

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.

Share Your Story

The National Consumer Law Center (NCLC) shares stories about borrower issues with lawmakers and policy advocates on a regular basis. Share your story and help us fight to make the law better for borrowers!


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