Lower Your Student Loan Payments

What You Need
To qualify, you’ll have to have a Stafford, Grad PLUS or Consolidation loan made under either the Direct Loan or FFEL program that isn’t in default. Parent PLUS Loans and consolidation loans that repaid a Parent PLUS Loan aren’t eligible. However, loans don’t have to be brand new, and qualify regardless of whether they were used to fund undergraduate, graduate or professional education or job training.
You’ll only be allowed to choose the income-based repayment option if you qualify for a partial economic hardship, and you’ll have to prove every year that you qualify for partial financial hardship status by giving your lender access to your income tax records. If your income increases significantly, you may no longer qualify for partial financial hardship, but federal rules will allow you to stay in the income-based repayment plan.

How to Apply
First, calculate your income-based repayment amount compared with what you’re currently paying or expect to pay. Submit a copy of your most recent tax return to your lender or allow your lender to receive information on your income from the IRS or with other documentation. Your lender will discuss your options with you.

Unemployed? Defer Student Loan Payments

Reduce Student Loan Debt With Public Service