Can I lower my monthly student loan payments?
Updated: Jan 21, 2019
Student loan borrowers can choose from up to 8 different repayment plans. Based on the borrowers income and total loans amount, it is possible to lower the monthly payment.
A. from New Jersey, $22K of student loans debt
Usually, when senior students perform their exit counseling before graduation, they use the Standard repayment option to their loans from various reason. However, sometimes the standard repayment option doesn't fit to their post-school financial status which results in falling behind in payments. Choosing the right repayment option should take into consideration your income, family status, expenses and projected career path.
There are several options to reduce your monthly payment, whether it is by extending the period of your repayment using Graduate repayment or by choosing an IDR, or Income Driven Repayment plan.
Money Compass allows you to easily find the best repayment plan to fit your goals. Click here to give it a try
Have a specific question regarding your loans? Send it to FreeAdvice@moneycompass.io