How to Change a Variable-Rate Student Loan into a Fixed-Rate Loan
Locking in a fixed-rate student loan means no more interest rate increases or monthly payment changes.
Student Loan Sherpa Repayment Guide
A smart strategy to repay your student loans can save thousands of dollars on interest and eliminate loans years earlier than planned.
Written By: Michael P. Lux, Esq.
Published:
Student Loan Sherpa Repayment Guide
A smart strategy to repay your student loans can save thousands of dollars on interest and eliminate loans years earlier than planned.
Written By: Michael P. Lux, Esq.
Published:
The Tools to Eliminate Student Debt
There is a long list of resources to knock out federal and private student loans. For many borrowers, the ideal approach will be a combination of some of the programs below.
If you are brand new to student loan repayment, this guide is a helpful starting point.
Student Loan Forgiveness
- Not all student loans will qualify for loan forgiveness, but there are many different ways to get student debt forgiven.
- The most generous loan forgiveness program is Public Service Loan Forgiveness. Program eligibility is complicated, so qualifying is hard, but not impossible.
- Parent PLUS loans are not eligible for forgiveness, but they can be consolidated to gain eligibility.
Repayment Plans
- After many years of federal government tweaks, there is now a long list of federal repayment plans.
- Borrowers struggling with their federal loans often find relief on an Income-Driven Repayment Plan.
- If you are unemployed or struggling to get by, many federal borrowers qualify for monthly payments of $0 per month.
Cosigner Tools
- Cosigning for student loans is often a risky decision.
- When a borrower doesn't make payments, cosigners have few options.
- Lenders don't like to release cosigners from loans, but there are many different ways to remove a cosigner.
Sherpa Tips and Strategy
- Each month, I prepare a list of tips for borrowers based upon the latest news and market conditions.
- If your lender is unfair or misleads you, filing the right complaint can make a big difference.
- If you are confused or can't find the information you are looking for, feel free to send me an email.
Consolidation
- Federal student loan consolidation does not lower interest rates. Instead, consolidation, helps borrowers gain eligibility for some repayment plans and forgiveness programs.
- The Guide to Federal Consolidation explains how the process works and the risks.
- Borrowers looking for lower interest rates need to refinance their loans.
Lower Payments
- Getting lower payments is a great way to free up cash to attack high-interest debt.
- Many of the options to get lower interest rates also result in lower payments.
- Borrowers on income-driven repayment plans can often shelter income to qualify for lower monthly payments.
Latest Posts in Repayment
Student Loan Forgiveness is Probably Happening: What to do Right Now
Now is the time to tweak your federal loans to make sure you maximize any upcoming student loan forgiveness.
How the Biden Administration is Updating IDR Payment Counts
40,000 are about to get their remaining student loan balance forgiven, and millions more will move closer to IDR loan forgiveness.
Six Student Loan Tips for May 2022
Planning for the federal student loan repayment restart is the most pressing issue for most borrowers.
I’ve Paid More than I Originally Borrowed: Why Do I Still Have a Balance?
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How to Repay Student Loans if you Live Paycheck to Paycheck
If money is tight, there are several student loan strategies that can be used to make student debt more manageable.
The Student Loan Interest Freeze Will Probably Last Until January 2023
After multiple extensions, do borrowers have a reason to hope for even more help?
Biden Gets a Failing Grade on Student Loan Relief Extension
One month before the scheduled repayment restart and Biden still has not announced what is next for student loan borrowers.
Fighting Inflation: How to Stop Student Loan Interest Rate Increases
Inflation often means higher student loan payments for borrowers. However, interest rates increases are avoidable.