Great Advice for Grads 2023

Select an affordable repayment plan. Now that you’ve set a goal for repayment, you can find a repayment plan that fits your goal using Loan Simulator . • If you want to pay your loans off quickly and you can afford to do it, select the Standard Repayment Plan. Unless you consolidate, your loans will be paid off after 10 years of payments. • If you want to have the lowest monthly payment or can’t afford to make payments under the Standard Repayment Plan, select an income-driven repayment (IDR) plan. Under an IDR plan, payments are based on your income and family size. You will usually have lower monthly payments than other plans and may have payments as low as $0 per month. With these plans, you’ll be in repayment for up to 20 or 25 years. If your loans are not repaid in full after 20 or 25 years, the remaining balance will be forgiven. Learn more about income- driven repayment plans.

Teachers! You may qualify for both forgiveness programs (PSLF and TLF) – but

If you don’t select a specific repayment plan, your loan will be put on the Standard Repayment Plan. You can switch to a different plan at any time by contacting your loan servicer. Know whether you are eligible for loan forgiveness based on your employer or your job. • Public Service Loan Forgiveness (PSLF) Program: You may qualify for this loan forgiveness program if you are employed by a government or a not-for-profit organization. • You must make 120 qualifying payments under an income- driven plan to qualify. Learn more about PSLF. Teacher Loan Forgiveness Program: You may qualify for this program if you (a) teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and (b) meet other qualifications. Get the details of the Teacher Loan Forgiveness (TLF) Program. Find out more about forgiveness, cancellation, and discharge.

not for the same time period.



Powered by