Can I lower my monthly federal student loan payment by switching to a different repayment plan?
You may be able to reduce your monthly federal student loan payment by switching to a different repayment plan. It will depend on what plan you are currently using and whether or not you are eligible to switch to a plan that requires a lower monthly loan payment. In general, the Graduated, Extended, Income-Sensitive and Income-Based Repayment Plans all could require a lower monthly payment than the Standard Repayment Plan initially. For more information, visit our Lower My Payments page.
Related Questions
- What federal student loan repayment plan produces the lowest total cost in interest paid over the life of loan repayment?
- Is there a federal student loan repayment plan that’s designed for someone who expects to make more income over time?
- Can I lower my monthly federal student loan payment by switching to a different repayment plan?
