Once an individual’s student loans are out of deferment and their grace periods are complete, they’re forced to begin making payments under a formal repayment plan.  Repayment plans fall into two broad categories: (i) those that are indifferent to whether you can afford the payments, and (ii) “income-driven” plans that consider your earnings to try and keep the payments affordable.  Today we are going to discuss the first category. Those that are indifferent to whether you can afford to pay are:

Every situation is unique. To apply for the repayment plans mentioned in this video, go can to www.studentloans.gov, click on “Repayment & Consolidation,” and then select “Apply for an Income-Driven Repayment Plan.” On the next page, select “start application” and follow the instructions. You will need an FSA ID to complete this process, so if you do not have one already, you will need to create an FSA ID before starting the application.

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