Look into income-driven repayment: On the other hand, if you’re struggling to keep up with your monthly payments, there are other options. “If you can’t afford your federal student loan payments, switch to an income-driven repayment plan,” Nykiel said. An IDR plan will cap payments at 10 to 20 percent of your income and extend the term to 20 to 25 years, depending on the specific plan. “If your income is low enough, you could owe as little as $0 a month without harming your credit,” Nykiel said.
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