After College
Remember, You’ve Got Options
There’s no one-size-fits-all when it comes to student loans. Everyone’s situation is unique and calls for a custom approach to loan repayment. The resources below will help you better understand your options, optimize your payment plan and possibly even reduce what you owe.
If you want to talk through your options, our confidential, free helpline is here for you: 833-589-0750
Student Borrower To Do List:
Make sure you have a studentaid.gov account and that your contact information is all up to date. This is the federal government’s one stop shop for all things federal student loans.
studentaid.gov should list all your federal student loans and who your servicers is—which company services them. Make sure you have an online account with that servicer or servicers and that your contact information is up to date with them too.
Understand what types of loans you have and what status they are in. If they are in default, you can get them out of default via consolidation or rehabilitation or paying them off. If they are in repayment, make sure you understand which repayment plans you qualify for that may lower your monthly payments using the loan simulator. Income-Driven repayment (IDR) plans are based on your income and family size. Access to IDR applications may be temporarily restricted due to litigation, but can be found at studentaid.gov when available.
If you cannot afford your monthly payments, explore different repayment plans starting with IDR. In the meantime, make sure your loans do not go delinquent and affect your credit. Deferment and forbearance are ways of pausing your student loan payments. Contact your servicer.
If you are or were employed by any level of government or a nonprofit, your loans may qualify for Public Service Loan Forgiveness (PSLF). If you think your loans and employment might qualify, apply using the PSLF help tool.
For private loans, get a free copy of your credit report here and make sure you are in contact with any entities listed for private student loans. They will know the options available.
Avoid scams
Beware: Private companies may contact you with offers to help you with your student loans for a fee. Remember, you never have to pay for help with your student loans. The U.S. Department of Education and their loan servicers will help you for free. Learn more about avoiding paying for help with your student loans.
PSLF: Public Service Loan Forgiveness
Federal Loan repayment tool
A lot has changed in the student loan repayment space. Make sure you know what repayment plans are available now. Use the FSA loan simulator to compare options and find the best one for you.
Student Loan Counseling You Can Count On
This tool from the Consumer Financial Protection Bureau offers advice on optimizing how you pay off your student loans.