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Federal Student Loan Repayment Strategy

Every situation is unique, and it is important to have a repayment strategy in place. This article addresses a few key items to consider when developing a student loan repayment strategy.

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Federal Student Loans - Those that are indifferent to whether you can afford to pay

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.  

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Federal Student Loans - income driven repayment plans

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 second category: “income-driven” plans that consider your earnings to try and keep the payments affordable.

Should you refinance student loans? Pros, cons, and advice

Americans owed $1.59 trillion in student loans in the spring of 2022, according to data from the Federal Reserve Bank of New York. Students have taken on this debt for good reason: a bachelor’s degree can significantly boost one’s job prospects and earnings.

But if you don’t find the best way to repay your school loans, you could throw away thousands of dollars over the years.

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