Federal Student Loan Repayment Options
Before you borrow, it’s important to consider how to pay back student loans. This repayment guide will help you understand the options for paying back your federal student loans, including Direct Subsidized and Unsubsidized Loans, and PLUS Loans, even if you’ve already graduated.
Federal Student Loan Consolidation
A federal consolidation loan combines multiple federal student loans into one loan. The interest rate on the loan is based on the interest rates of the loans being consolidated, which keeps the interest rate roughly the same. Borrowers may be able to qualify for a lower payment on the consolidation loan.
Repayment Plans for Federal Student and Parent Loans
Federal student loans offer several repayment plans that reduce the monthly payments by stretching out the loan term. Learn about available payment options for different types of federal student loans.
Suspending Repayment on Federal Student Loans
Federal student loans offer several deferments and forbearances, which temporarily suspend the obligation to repay the student loans. These options can help borrowers avoid default during short-term financial difficulties.
Cancelling Repayment on Federal Student Loans
Federal student loans offer several forgiveness and discharge options, which permanently cancel the obligation to repay the student loans.