Options for Paying Off Your Student Loans

7 solutions to solve your problems with student debt.

student loan payoff options

If you are thinking about consolidating your federal student loans or perhaps refinancing your loans to a lower interest rate, we can help you figure out what options are available.

There’s no one right way to consolidate student loan debt. In fact, there are several options available and you have to choose the right one for your financial needs. Student loan refinancing doesn’t work like a re-fi for other loans – you can’t just call your lender and ask them to reduce your rates, after all – your loans were issued by Uncle Sam.

In this section, we help you understand each of the student loan consolidation programs available. We also explain the difference between consolidation and refinancing, since those two concepts are slightly different. That way, you can know what you’re really looking for if you need help. Use the links below to get informed, and then call us to get started or fill out the form to ask for help.

Using a Standard Student Loan Consolidation Plan

One student loan payment balanced with your income
This most basic type of federal student loan consolidation rolls all of your loans into one easy payment. The monthly payment requirement is directly tied to how much you owe so you can pay off debt quickly. Learn more about this program so you can decide if it’s the right choice for you.

Getting Ahead Quickly with Graduated Repayment

Graduated repayment pulls your payments up over time
Not all student loan consolidation plans are designed for people who are struggling. With graduated repayment, you simplify your loans by rolling them into one bill. But the amount you pay increases over time, so as you get promoted and advance in your career, you pay of your debt faster.

How Income-Based Repayment Programs Work

Income-based student loan repayment
Are student loan payments eating up your income? If so, income-based repayment may be the right way to consolidate your federal student loans. We explain how an IBR ties your monthly payments to your earnings to strike a balance between loan repayment and other expenses in your budget.

Pay It Off a Little Faster with Income-Contingent

Income contingent repayment takes 20 percent
If income-based and income-contingent plans sound like almost the same thing, it’s because they are! While an IBR sets your monthly payments at 15 percent of your income, an ICR sets them a little higher at 20 percent. That way, you can eliminate you debt a quicker if you have the means.

Pay Only What You Can Afford with Pay As You Earn

Pay as you earn blocks high monthly payments
For recent graduates, Pay As You Earn is the best option for lowering your payments. It sets your payments at the lowest amount allowable. You may even qualify to pay nothing if you can prove your financial hardship, without facing penalties or credit damage and while still reducing your debt.

Do-It-Yourself Student Loan Consolidation

Put the pieces together for student loan consolidation self-help
Consolidating federal student loan debt doesn’t require a professional – you can take advantage of all of the same consolidated repayment programs available on your own if you can navigate the paperwork. We tell you everything you need to know so you can decide if you can go it alone.

Student Loan Consolidation vs. Refinancing

Student loan consolidation versus refinancing
If you’re confused about the difference between student loan debt consolidation and refinancing, don’t worry – we’ve got you covered! We explain the difference between consolidation and refinancing and tell you how the two can be used to solve your student debt problems.