This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.


Say, for example, you have a couple with a combined college debt of $50,000. Annually, they are making $100,000 combined in salaries. By establishing a budget with a goal of 3-years completion, they can make the necessary adjustments in their day-to-day spending to meet that goal. This budgeting might even reveal more money they can put toward diminishing the principal balance.
There are several ways to have your student loans forgiven, such as the Public Service Loan Forgiveness Program, which applies to qualifying loans after 10 years of payments. You can work for a government agency, non-profit organization or other qualifying organizations. Your state may also offer some repayment assistance in which they repay part of your loan, but you need to work in an area in which the state needs assistance.
First, you’ll want to take a look at what repayment options lenders offer for students while they are in school, so you can find one that fits your budget. Making payments while you are in school can help you save on interest, but you should only sign up for a payment plan you can keep up with. As long as your lender doesn’t impose prepayment penalties, you can always make additional payments when you can afford it.
Hi Rebecca. Your federal student loans enter repayment once you drop below half-time enrollment. You can get help to pay back your loans! Have you considered applying for income-driven repayment. Your payment could be capped at 10% of your discretionary income. Learn more and apply: https://blog.ed.gov/2016/02/which-income-driven-repayment-plan-is-right-for-you/
An important consideration is the deferred repayment option means your loan balance at the start of repayment will be higher than what you originally borrowed due to the interest capitalization. Also, don’t let the lack of a sizeable payment stop you from sending even a small contribution to your student loan. As insignificant as it may seem now, even a payment of $10 or $20 a month can help curb the amount of money that would be capitalized on top of your outstanding balance.
If it turns out that you do need to borrow to pay for college, rest assured you are not alone. According to the Sallie Mae “How America Saves for College 2019” study, more than half of families borrow to cover college costs. In the 2018-19 academic year, parent income and savings only paid $7,801 (on average) for college costs which in total averaged $26,226.
One of the flexible repayment options we offer is the ability to temporarily stop (postpone) your student loan payments. This is called a deferment or forbearance. While they can be helpful solutions if you’re experiencing a temporary hardship, these are not good long-term solutions. Why? Because in most cases, interest will continue to accrue (accumulate) on your loan while you’re not making payments and may be capitalized (cause interest to accrue on interest). When you resume repayment (which you will have to do eventually) your loan balance will probably be even higher than it was before. If you’re having financial trouble, why set yourself back even further by doing this? There are often better solutions available. Before choosing deferment or forbearance, ask about enrolling in an income-driven repayment plan. Under those plans, if you make little or nothing, you pay little or nothing. Additionally, with the income-driven repayment plans, you’re working toward loan forgiveness while making a lower payment. Before postponing your payments, consider your other options.

Many students ignore their loans until after graduation, but it’s wise to start paying them off while you’re in school. Get a part-time job while you’re in college and dedicate most or all of the earnings to your student loans. If you can pay off $800 a month while you’re in school, then you’ll have paid off $30,000 or more by the time you graduated. For some people, that’s their entire amount owed!
When you consider the value of a college education — including the fact that average lifetime earnings for college graduates are nearly $1 million more than individuals with only a high school diploma or GED — student loans may be a smart investment. If you budget properly and have a good sense of the actual amount of money you need in loan funds to supplement other forms of aid as well as your resources, you can limit your overall indebtedness by borrowing only what you truly need. You should also consider the fact that there are no prepayment penalties. (Note: the lender partners on our site do not charge a prepayment penalty.)
You can compare private student loan options on our site. Keep in mind there are a number of popular private student loan names you may see and hear, and it is bound to be confusing. Sometimes the names will be generic, and other times the name will refer to a specific lender’s program or brand name. The name of the student loan program is not as critical as an understanding of how the particular loan terms work, or how they may impact you. To give you a quick primer on some of the most popular private student loan names you may encounter, see the list below.

U-fi® is a registered trademark of Nelnet, Inc., for products and services provided by Nelnet Consumer Finance, Inc. You should exhaust lower-cost federal borrowing options before turning to non-federal loans. You are, of course, not limited to seeking loans or other products from U-fi.com, and are free to obtain information and loans from all other providers of student loans and related products.


Definition: A private student loan (also known as a private education loan) is a non-federal loan used for education related expenses. Private student loans may be an option once you have already exhausted other forms of free and federal financial aid. These loans are typically based on a strong credit history and verifiable proof of income or employment history.

This site does not negotiate, adjust or settle debts. All federal student borrowers are able and encouraged to apply for any federal repayment or forgiveness programs through the US Department of Education for free without paying fees to any entity. Nothing on this site constitutes official qualification or guarantee of result. StudentDebtRelief.us is a private company not affiliated with the Department of Education of the Federal Government.


If you’re a recent grad looking for a job, bring this up during salary negotiations. Be willing to take a lower salary and to commit to staying at the job for a specific time period in exchange for a payment toward your schooling. If you’re a veteran employee, raise the subject at your annual review by saying, “I’ve been a loyal employee for [insert time period], and I look forward to continuing to grow and learn here. As part of my compensation, can you put [insert amount] toward my loan?”

Fixed interest rates will stay the same for the life of the loan but usually start our higher. Variable interest rates, on the other hand, fluctuate over time according to the market rate, but typically start our lower. There is no right answer to which is the best private student loan rate type; it really depends if you think interest rates will generally increase or decrease in the future.

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

College/universities may charge a credit card processing fee (or convenience fee). This is in addition to the interest charges the credit card company imposes. Many lenders waive the origination fee. For certain borrowers, this may even make private student loans an attractive option over federal loan options (such as Parent PLUS and Grad PLUS programs).
I think everyone can agree that student loans are no fun to pay back, but ignoring them can have serious consequences (and it won’t make them go away.) If you’re worried about your student loans or don’t think you can afford your payments, contact us for help. No matter what your financial situation is, we can help you find an affordable repayment option. For many, that could mean payments as low as $0 per month.
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