4. Learn Your Repayment Options

If you can't afford your monthly payments, there are options out there for you:

  • Pay As You Earn (PAYE) - an income driven repayment plan that limits your monthly payments to a percentage of your income, and can extend the period you have to pay your loans past the 10 year standard.
  • Direct Consolidation Loan - this loan consolidates all of your federal loans into one, resulting in just one payment.