How to lower student loan payments?

R

robbie1980

New Member
Has anyone ever heard about income-driven repayment plans? I've only recently heard about this myself, so I'm now entirely sure how it all works. Can someone please enlighten me? What are the pros and cons? How does it all work? Thank you very much in advance!
 
Hi Robbie.
An income-driven repayment plan is, indeed, a form of help that allows you to make smaller payments, based on your income, if your income is too low compared to the debt you have. You have to apply on an yearly basis, by filling an "Income-Driven Repayment Plan Request".

HOWEVER !! You may lower your payments, but you will eventually end up paying more interest over the total length of your student loan! So, keep that in mind before deciding anything!
 
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