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Save Money Today on Your Student Loans


No matter how much student loan debt you have, it’s the monthly payments that truly impact your day-to-day life. Finding space in your budget to pay a hefty student loan bill can be challenging—if not impossible.

If you have federal loans, you probably qualify for an income-driven repayment plan that can can make your monthly payments a lot easier. They are:

  1. PAYE
  2. REPAYE
  3. IBR
  4. ICR
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If you'd like to lower your payment on your federal student loans, you should know that the government offers several income-driven repayment options. Good news, right? The even better news is that it only takes about 10 minutes to enroll. 

These plans recalibrate your payment to a manageable amount based on your income and ability to pay. You can enroll by calling your federal loan servicer, or by applying online. Here's how.

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Late or missing student loan payments have serious consequences. In addition to the late fees you'll start to rack up, late payments on federal loans affect your credit after 90 days. After 270 days, your student loans will go into default.

If you're having trouble making your high monthly payments, the good news is getting relief is possible. If your loan servicer is NelNet, one of the several companies the federal government contracts with to handle student loan payments, there are three specific ways to lower your payments

Let's explore the options. 

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Maybe you just lost your job, you decided to go back to school, or you got hit with an unexpected medical cost. In any case, your finances have changed—and you have to put your student loan on hold.

For federal loans, you have the option of putting your student loan in deferment while you get back on your feet. Here’s a look at how it works and how to apply.

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The Standard Repayment Plan  — the default repayment plan for federal loans  — works for many graduates. But if your loan balance is high and your income is low, this plan may not be an affordable option for paying back your student loans.
 
Thankfully, most federal loans are eligible for an income-driven repayment plan, which takes into account how much you make. Let's take a look at the specifics of a popular income-driven plan, the Pay-As-You-Earn Plan, to see if it's a good choice for you.
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So you've heard about these payment plans that will reduce your monthly student loan bill and you're wondering if  they're an urban legend. Let us assure you: these plans do, in fact, exist. 

But there are a few things you should understand before you sign up.

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