Frequently Asked Questions
Table of Contents
Student Loan Repayment FAQs
Student Loan Repayment
When do my student loan payments start?
Most federal student loans have a 6 month grace period after graduation before payments are due. Payments on private student loans may be required while you’re still in school. To get a better understanding of your repayment options and to stay on ahead of your student loans get a free loan analysis today.
How much will my monthly student loan payment be?
Your monthly payment amount depends on factors like your total loan balance, interest rate, and repayment plan term length. Use our get a free loan analysis to estimate your monthly payment.
What student loan repayment plans are available to me?
The main federal repayment plans are Standard, Graduated, Extended, and Income-Driven Repayment (IDR) plans. IDR plans base your payment on your income and family size. Payments options available to private borrowers vary by lender.
Can I deduct student loan interest on my taxes?
Yes, you can deduct up to $2,500 in federal and private student loan interest paid each year on your taxes if you meet income limits. This deduction can lower your taxable income.
What should I do if I can’t afford my monthly payments?
If you’re struggling to make payments, contact your servicer immediately to discuss options like IDR plans, deferment, forbearance, or getting on track for loan forgiveness programs. Our free Analysis can provide you with an overview of your options and help you predict payments prior to your call.
Most federal student loans have a 6 month grace period after graduation before payments are due. Payments on private student loans may be required while you’re still in school. To get a better understanding of your repayment options and to stay on ahead of your student loans get a free loan analysis today.
Your monthly payment amount depends on factors like your total loan balance, interest rate, and repayment plan term length. Use our get a free loan analysis to estimate your monthly payment.
The main federal repayment plans are Standard, Graduated, Extended, and Income-Driven Repayment (IDR) plans. IDR plans base your payment on your income and family size. Payments options available to private borrowers vary by lender.
Yes, you can deduct up to $2,500 in federal and private student loan interest paid each year on your taxes if you meet income limits. This deduction can lower your taxable income.
If you’re struggling to make payments, contact your servicer immediately to discuss options like IDR plans, deferment, forbearance, or getting on track for loan forgiveness programs. Our free Analysis can provide you with an overview of your options and help you predict payments prior to your call.
(IDR) Income Driven Repayment Plan FAQs
Income Driven Repayment Plan
What is an income driven repayment (IDR) plan for student loans?
An IDR plan allows you to make affordable monthly federal student loan payments based on your income and family size. Common IDR plans include Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE). Reduce your payments and work toward forgiveness with an IDR plan.
How do I qualify for an IDR plan for my federal student loans?
To qualify for an affordable IDR plan you must have eligible federal Direct Loans and demonstrate partial financial hardship through your income. Your monthly payment is capped at a percentage of your discretionary income. See if you qualify for an IDR plan and get a customized debt relief plan for free from MyStudentAid.ai.
What are the pros and cons of an income driven repayment plan?
Pros of an IDR plan include getting lower monthly payments, the possibility of loan forgiveness after 20-25 years of repayment, and having qualifying payments count toward Public Service Loan Forgiveness (PSLF). Cons include paying more interest over the life of the loan and the potential tax burden if loans are forgiven. Compare the pros and cons of IDR plans and other options with help from MyStudentAid.ai.
How do I apply for an affordable income driven repayment plan?
Contact your federal student loan servicer to apply for an IDR plan or learn more. You’ll need to submit income documentation and information about your family size. Your servicer will calculate your payment based on a percentage of your discretionary income. Get started with a free loan analysis from My Student Aid
When do I need to recertify my income and family size on an IDR plan?
You must recertify your income and family size annually to stay on an IDR plan. Failure to do so before deadlines can lead to capitalization of interest and higher monthly payments. Get a clear understanding of what options you have available with our free student loan analysis.
An IDR plan allows you to make affordable monthly federal student loan payments based on your income and family size. Common IDR plans include Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE). Reduce your payments and work toward forgiveness with an IDR plan.
To qualify for an affordable IDR plan you must have eligible federal Direct Loans and demonstrate partial financial hardship through your income. Your monthly payment is capped at a percentage of your discretionary income. See if you qualify for an IDR plan and get a customized debt relief plan for free from MyStudentAid.ai.
Pros of an IDR plan include getting lower monthly payments, the possibility of loan forgiveness after 20-25 years of repayment, and having qualifying payments count toward Public Service Loan Forgiveness (PSLF). Cons include paying more interest over the life of the loan and the potential tax burden if loans are forgiven. Compare the pros and cons of IDR plans and other options with help from MyStudentAid.ai.
Contact your federal student loan servicer to apply for an IDR plan or learn more. You’ll need to submit income documentation and information about your family size. Your servicer will calculate your payment based on a percentage of your discretionary income. Get started with a free loan analysis from My Student Aid
You must recertify your income and family size annually to stay on an IDR plan. Failure to do so before deadlines can lead to capitalization of interest and higher monthly payments. Get a clear understanding of what options you have available with our free student loan analysis.
Public Service Loan Forgiveness (PSLF) FAQs
Public Service Loan Forgiveness
What is the Public Service Loan Forgiveness (PSLF) program?
PSLF programs forgive 100% of the remaining balance on federal Direct Loans for qualifying public service employees after making 120 qualifying monthly payments.
How do I qualify for Public Service Loan Forgiveness?
To pursue PSLF, you must have eligible Direct Loans, work full-time for a qualifying government or nonprofit employer, make 120 qualifying payments in an IDR plan, and regularly submit certification paperwork. Get started with MyStudentAid.ai to get step-by-step guides through the PSLF qualification and enrollment process.
What types of jobs qualify for PSLF?
Public service jobs like government, military, public health, public education, and 501(c)(3) nonprofit positions may qualify for PSLF. Your employer can verify eligibility. Consult with your servicers PSLF specialists to make sure your employment qualifies.
What are the requirements for qualifying PSLF payments?
PSLF payments must be made after October 1, 2007 on an approved IDR repayment plan while working full-time for an eligible employer.
How do I track my progress toward the 120 payments required for PSLF?
Submit an Employer Certification form annually and you’ll receive a count of qualifying PSLF payments made. Review your payment history annually for accuracy. Get started with MyStudentAid.ai to get assistance with tracking PSLF-qualifying payments.
PSLF programs forgive 100% of the remaining balance on federal Direct Loans for qualifying public service employees after making 120 qualifying monthly payments.
To pursue PSLF, you must have eligible Direct Loans, work full-time for a qualifying government or nonprofit employer, make 120 qualifying payments in an IDR plan, and regularly submit certification paperwork. Get started with MyStudentAid.ai to get step-by-step guides through the PSLF qualification and enrollment process.
Public service jobs like government, military, public health, public education, and 501(c)(3) nonprofit positions may qualify for PSLF. Your employer can verify eligibility. Consult with your servicers PSLF specialists to make sure your employment qualifies.
PSLF payments must be made after October 1, 2007 on an approved IDR repayment plan while working full-time for an eligible employer.
Submit an Employer Certification form annually and you’ll receive a count of qualifying PSLF payments made. Review your payment history annually for accuracy. Get started with MyStudentAid.ai to get assistance with tracking PSLF-qualifying payments.
Free Student Debt Analysis
Peace of mind with the help of MyStudentAid
There’s more than one path to forgiveness – discover your best option for forgiveness by gaining comprehensive insights into repayment, forgiveness, and refinancing tailored to your unique circumstances. Getting started is free and simple just request an analysis, tell us how much you owe and see your options.