Learn The Proven Strategies To Lower Your Monthly Student Loan Payments And Find Loan Forgiveness.
Getting out of student loan debt can be one of the hardest financial tasks of anyone's life. But what most people don't realize is that there are a lot of different options for getting out of student loan debt.
For most people, there are multiple different types of student loan repayment plans to choose from. Even with private student loans, some lenders now offer multiple repayment plan options. Then, there are student loan forgiveness programs: and there are hundreds across the country. There are also ways to get your student loans discharged in special circumstances.
Whether you have Federal loans, private loans, or both - we can help you learn the proven strategies to lower your monthly payments, find loan forgiveness programs, and build a plan that will allow you to get student loan debt free!
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Student Loan Facts
Before we dive in to everything student loans, let's cover some basic facts about student loan debt in the United States:
- Average student loan debt: $39,351
- Median student loan debt: $19,281
- Average student loan monthly payment: $393
- Median monthly payment on student loan debt: $222
- Percentage of borrowers with growing loan balances: 47.5%
- Percentage of borrowers who are more than 90 days delinquent: 4.67%
- Average debt load for 2021 graduates: $30,600
May 3, 2023
We break down the average student loan debt for each state. Find out what student debt loads look like for your state and see how you compare.
June 28, 2021
We break down the average student loan debt by year for each graduating class and highlight the trend of growing student loan debt.
June 9, 2021
The average monthly student loan payment in the US is $393. See what the average borrower can expect to pay on each type of repayment plan.
Here are some useful links to find out who services your loan or can help you with your student loan debt:
Paying For College
One of the best ways to lower that amount of student loan debt you are borrowing is to navigate paying for college effectively. Effectively paying for college means lowering the cost of attendance, maximizing your financial aid, and borrowing smart.
The simple truth is that college is an investment - one that costs both time and money. The goal of this investment is to earn more over your lifetime than if you didn't go to college. But what if you spend too much, and those future earnings don't outweigh the alternative? That's a problem.
So you have student loans and you want to know what to do next? Let's talk about navigating repayment. This means finding the optimal repayment plan based on both your income and your goals - like maximizing student loan forgiveness or paying them off as quickly as possible.
For most borrowers, an income-driven repayment plan will be the best option.
To start repayment, you should assess your situation to decide if you're going to go for the lowest student loan payment possible (in order to maximize loan forgiveness), or to try any pay off your loans as quickly as possible. A good rule of thumb is this:
- If you're eligible for a broad student loan forgiveness program like Public Service Loan Forgiveness, you should get your payment as low as possible to maximize your loan forgiveness.
- If you owe more in student loan debt than your salary, you likely want to have the lowest payment in order to maximize your future loan forgiveness.
- If you owe more in student loans than your salary, you likely want to maximize debt repayment if you don't qualify for loan forgiveness.
March 7, 2022
You can use a 529 plan to repay up to $10,000 in student loans – but there are some caveats you need to know.
August 23, 2021
Here are five different legal ways that you can lower your student loan payment, by switching repayment plans or refinancing your loans.
November 21, 2019
Are you looking for the best student loan repayment plan that works for your unique financial situation? Take a look at your options here!
Student Loan Forgiveness
We estimate that roughly 50% of all student loan borrowers qualify for some type of student loan forgiveness program - whether total or partial. Almost every student loan forgiveness program is based on your repayment plan type or employment. However, there are a few state-based programs that provide loan forgiveness for completing a qualifying activity (like buying a house in the state or moving to a certain area).
However, navigating the various student loan forgiveness programs can be tough. The most popular program, Public Service Loan Forgiveness (or PSLF), requires you to meet 3 criteria for 10 years. It can be tough.
Note: We do have a full guide to Biden's Student Loan Forgiveness Proposal. However, the plan is currently blocked by the courts and may not go into effect.
Here's some of our most popular guides to student loan forgiveness.
September 23, 2022
Borrower defense to repayment allows for student loan forgiveness when borrowers were defrauded by their college.
August 1, 2022
Have a question about the Public Service Loan Forgiveness (PSLF) Program? Start here with the ultimate guide! Find out which loans qualify.
July 5, 2022
Here is the for-profit college student loan forgiveness list that qualify due to being closed or having lawsuits due to fraud.
June 18, 2021
There are many ways to get student loan forgiveness, including public service, volunteer work, medical studies, the military, or law school.
June 17, 2021
There are multiple ways to get student loan forgiveness for teachers, including PSLF, Teacher Loan Forgiveness, Perkins Forgiveness, and more.
May 2, 2015
Student Loan Forgiveness Programs by StateForty-seven states and the District of Columbia all have special student loan forgiveness programs for residents of their states. These plans are different than the federal programs you’ve probably heard of – like Public Service Loan Forgiveness. Many of the programs are in public service fields, such as health care, teaching, dentistry,
Student Loan Refinancing
Student loan refinancing can make sense in certain circumstances. It's important to understand what student loan refinancing is (especially compared to student loan consolidation). Student loan refinancing is the process of getting a new private loan to replace your existing loans (either Federal or private). Student loan consolidation is the process of getting a new Federal loan to replace your existing Federal loans (and it's free).
It can make sense to refinance your student loans if you already have private loans and can save on interest. It can also make sense if you're going to pay off your Federal loans in less than 3 years and don't qualify for any types of loan forgiveness (which is also why many doctors benefit from refinancing their student loans).
Here are some of our guides to student loan refinancing:
November 9, 2022
Medical school student loan refinancing makes a lot of sense for physicians to save money and get out of debt faster.
May 15, 2019
We break down the ten best student loan refinance companies and their interest rates, perks, qualification requirements, and more.
May 6, 2018
Before refinancing your student loans, make sure you’re looking for the best student loan refinancing bonuses that could sweeten the deal beyond APR, fees, and more.
Special Programs During The Payment Pause
During the pandemic, several programs were put into place to help borrowers with their student loans. Notably, student loan payments have been paused since March 2020.
These programs are all aligned to help borrowers stay afloat during the pandemic and hopefully resume their loan payments in a better place.
August 18, 2022
The Fresh Start program is designed to help 7.5 million student loan borrowers get out of default on their student loan debt.
January 16, 2022
There’s been a lot of confusion around what PSLF reform has been made, and what each program allows, so we break it down.
March 18, 2020
The U.S. Government is likely to issue a nationwide quarantine to contain the coronavirus. What does that mean for your student loans?
Free Tools To Help
Here are some of our favorite free tools to help you get out of student loan debt - whether you want to DIY or get professional help to master your student loans:
Read More Student Loan Content
We have hundreds of articles related to student loans. Check out our full student loan archive here:
June 6, 2023
Custom Choice claims to offer flexible repayment options and competitive APRs on its student loans. Learn more in our Custom Choice Student Loans Review.
June 5, 2023
Federal student loan repayment will restart in September 2023 due to the passage of the debt ceiling deal.
June 2, 2023
Many college graduates have considered using their 401k for student loan repayment. But is it a good idea? Learn more.
May 19, 2023
Considering taking out subsidized or unsubsidized student loans? Read this first and know the difference when it comes to Federal Direct loans.
May 10, 2023
The interest rates on federal student loans for 2023-2024 school year are set to rise again to the highest in a decade.
May 10, 2023
President Biden has forgiven more student loan debt than any previous president in history, and is still working to forgive more loans.
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