When student loan bills begin coming due in October, new borrowers will take their first steps on the long road to paying off their debt. These tools and tips can help ease the journey.
Remember to save your password and FSA ID somewhere safe – moving forward, you should make a habit of checking in on your loans every month or two.
And then it will let you choose your plan based on your repayment goals. Do you want to pay as little money as possible in the long-run or focus for now on keeping your monthly payments as low as possible? That's the key question you'll need to answer for yourself. If you're a young earner and want/need a low monthly payment, great. The Biden administration's new income-driven repayment plan, known as, might be a good fit, especially if your debts all come from undergraduate student loans.
Income-driven repayment plans, like SAVE, also come with different levels of forgiveness. Typically, it's 25 years for graduate school debt and 20 years for undergraduate debt. The new SAVE plan will also include a new tier of forgiveness for low-debt borrowers: Folks who take out $12,000 or less can qualify for forgiveness after 10 years, though that part of the plan won't go into effect until July 2024.
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