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HomeManage LoansLower or Suspend Student Loan Payments


HOW TO LOWER OR SUSPEND YOUR STUDENT LOAN PAYMENTS

Sometimes you might have trouble affording your monthly student loan payment
amount. Explore your options for lowering your payment, including switching to a
different repayment plan or applying for temporary relief.

ON THIS PAGE

1. Switch Repayment Plans
2. Update Your Current IDR Plan
3. Get Temporary Relief: Deferment or Forbearance
4. Review Your Loan Forgiveness Options
ON THIS PAGE


1. Switch Repayment Plans
2. Update Your Current IDR Plan
3. Get Temporary Relief: Deferment or Forbearance
4. Review Your Loan Forgiveness Options


FAST FACTS

 * Your monthly payment amount depends on what repayment plan you’re on, so you
   may be able to lower it by switching plans.

 * If you’re already on an income-driven repayment (IDR) plan, you may be able
   to lower your payment by updating your income information.

 * You can pause payments through deferment or forbearance, but that approach
   has pros and cons.

   


1. SWITCH REPAYMENT PLANS

Different repayment plans give you different monthly payment amounts. You can
estimate your monthly payments on all the available repayment plans by using
Loan Simulator.

Estimate Your Payments


APPLY FOR AN INCOME-DRIVEN REPAYMENT (IDR) PLAN

On an IDR plan, your payments are based on your income. Under an IDR plan,
payments may be as low as $0 per month.

You can apply for the SAVE Plan by using the IDR application (linked below)
because SAVE is a type of IDR plan.

APPLY FOR AN IDR PLAN


APPLY FOR A FIXED REPAYMENT PLAN

If you have a low total balance compared to your yearly income, you may be able
to get a lower monthly payment on the Standard or Graduated Repayment Plans.
These are fixed repayment plans, which base your monthly payment amount on how
much you owe, your interest rate, and a fixed repayment time period.

To apply for one of these plans, contact your loan servicer. Not sure who your
servicer is? Log in to view your servicer’s info.


2. UPDATE YOUR CURRENT IDR PLAN

Enrollment in an IDR plan is good for one year. Before the year is over, you
need to recertify your income and family size to stay on the plan. Your federal
loan servicer will notify you when it is time to recertify. If you give us
consent to access your tax information when you apply for IDR, we’ll take care
of automatically recertifying your plan on its recertification date.

Have you had a change in income? Recertify early to have your new income taken
into account right away.

Recertify or Change Your IDR Plan


3. GET TEMPORARY RELIEF: DEFERMENT OR FORBEARANCE

A deferment or forbearance allows you to temporarily stop making your federal
student loan payments or temporarily reduce your monthly payment amount. This
may help you avoid default.

Note: Interest accrues during forbearances and some deferments. Deferment and
forbearance can also impact potential loan forgiveness options.

HOW TO APPLY FOR DEFERMENT OR FORBEARANCE


4. REVIEW YOUR LOAN FORGIVENESS OPTIONS

Learn about available loan forgiveness options to see if you qualify for loan
forgiveness on any of your loans. If some of your loans are forgiven, your
monthly payment could be lowered if you’re on a fixed repayment plan.


LOWER YOUR INTEREST WITH AUTO PAY

You can reduce your interest rate by 0.25% by signing up for auto pay. This
won’t change your monthly payment amount, but you may end up paying less in the
long run.




ADDITIONAL LINKS

Repayment Plans
Loan Simulator
Get Temporary Relief: Deferment and Forbearance
Student Loan Deferment
Student Loan Forbearance


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