If your total student loan debt at graduation is less than your annual income, you should be able to afford to repay your student loans in ten years or less (in fact, according to a recent study, the typical student debt burden can be covered within 10 years if you’re earning the minimum wage). If your total student loan debt at graduation is greater than your annual income, you may not be able to pay it off in ten years or less. We suggest visiting https://www.sofi.com/student-loan-help/ to get advice.
You can choose to not repay any of your student loans at all for example, if you aren’t able to find work after graduation that requires more than a high school degree. This will affect your student loans’ payment history. You can change repayment plans on your student loan account online or by phone. You can change repayment plans online and by phone. To change repayment plans, follow these steps: Select the plan that you want to change Select the amount you want to change Enter your student loan amount and loan amount you want to increase (to calculate) Enter how much you want to save (to calculate) In many cases, changing to a lower repayment plan may require a balance reduction. To check your student loan balance, log in to StudentLoans.gov. You will need to enter your student loan amount and loan amount you want to change to your Loan Status (Student Loan Number). When you are prompted to enter a password, you’ll need to type in your student loan number and the last four digits of your Social Security number. You can also check your balance online by going to:MyStudentLoans.gov
You can change your repayment plan on your student loan account by completing your repayment option using the links below.
If you are applying for a new loan, you must choose a repayment option before you can change your repayment plan.
Use the tables below to understand how certain repayment plans affect your loan balance. If you’re unsure which repayment option will result in a lower balance, speak with a FAFSA Loan Specialist.
Pay off the balance on the least expensive plan that is consistent with your loan’s income guidelines. The lower your balance, the more money you have to pay for school. If you are working toward a bachelor’s degree or higher education and have an annual income that is at least $57,567, you can use a payment plan that limits how much you’ll pay each month. The monthly payments you will make will be the same for each payment period. The plan that is most affordable for your monthly payments is the income-based repayment plan (IBR) or the Pay As You Earn (PAYE) plan. If you don’t qualify for one of these plans, you can qualify for the public service loan forgiveness plan. If you qualify for this plan, your payments will be reduced each month. The monthly payments you will make will be the same for each payment period.