Pay it Back

Manage student loans through deferment, forbearance, repayment, consolidation, forgiveness and discharge options.  Save with auto-debit discounts, student loan interest deductions and accelerated repayment of high-interest-rate loans.

Managing Student Loans

Student loan debt represents a challenging burden for many college graduates. There are, however, many methods of making it easier to repay student loans and to save money on the student loan payments.

When borrowers are overwhelmed by their student loans and can’t afford the loan payments, there are several solutions that can help them avoid delinquency and default by making their loans more manageable.

Paying Back Federal Student and Parent Loans

There are several flexible options for repaying federal education loans.

  • Borrowers may consolidate their federal education loans into a single loan with a single monthly payment to streamline the repayment process.
  • Federal student and parent loans offer several repayment plans that can reduce the monthly payments to more affordable levels.
  • Borrowers who encounter financial difficulty may be able to qualify for a deferment or forbearance to temporarily suspend the repayment obligation on their loans.
  • Federal education loans offer several options for cancelling their debt, including forgiveness for working in particular occupations and discharges if the borrower dies or becomes disabled.

Paying Back Private Student Loans

There are fewer options for repaying private student loans than federal education loans, but there are still several approaches that can make the loan payments affordable.

  • Consolidating private student loans a few years after graduation, when the borrower’s credit score has improved, may yield a lower interest rate.
  • Repayment plans may offer an extended repayment term or a short interest-only period as an option.
  • Forbearances are available for short-term financial difficulty.
  • Loan forgiveness may be available if the borrower becomes disabled or dies.