Resources for Student Loan Debt Repayment

Based on the recent U.S. Supreme Court decision, the one-time student loan debt relief plan is no longer available. This means that the U.S. Department of Education’s pause on student loan payments and 0% interest rate period has ended. Student loan interest returned in September 2023, and payments are due starting in October. If you are impacted and have student loans to repay, there are resources that may help you manage your repayment.

Income-Driven Repayment (IDR) Forgiveness

An IDR plan sets your monthly payment based on your income and family size. Your monthly payment amount can increase or decrease if your income or family size changes from year to year. You need to provide your loan servicer with updated income and family size information each year so that they can recalculate your payment. If you repay your loans with an IDR plan, the balance on your student loans will be forgiven after 20 or 25 years of payments. Click here to apply for an IDR plan.

Public Service Loan Forgiveness (PSLF)

If you work full-time for a government or not-for-profit organization, you may be eligible for PSLF. The PSLF Program can forgive the balance of your Direct Loans after 10 years of payments through an IDR plan or the 10-year Standard Repayment Plan. Use the PSLF Help Tool to check if you’re eligible and submit your PSLF form.

Teacher Loan Forgiveness

If you teach full-time for five consecutive years at a qualifying school, you may be eligible for Teacher Loan Forgiveness for up to $17,500. To be eligible, you must have been employed at an elementary school, secondary school, or educational service agency that serves low-income students. You can apply by submitting a completed Teacher Loan Forgiveness Application to your loan servicer.

Military Service

To recognize your service to our country, there are benefits available from the U.S Department of Education and the U.S. Department of Defense to help you with your student loans. Benefits include interest rate caps, postponing repayment, and 0% interest rates. Click here to learn more about benefits for members of the U.S. Armed Forces.

More Resources & Tips:

• The Federal Student Aid (FSA) Loan Simulator can help you calculate student loan payments and choose a loan repayment option. You can also use it to help decide whether to consolidate your student loans, which may lower your monthly payment.
• Check out FSA’s student loan forgiveness page for other types of loan forgiveness that might be available if you meet certain conditions.
• To prepare for repayment, make sure your contact information is updated in your loan servicer’s website and in your account through the FSA website: https://studentaid.gov.
• If you're not sure who your student loan servicer is, you can look it up on the FSA website or call the Federal Student Aid Information Center at 1-800-433-3243.
• If you need other help with your loan payments, contact your loan servicer about options to switch your repayment plan to lower your monthly payments or apply for deferment or forbearance to temporarily postpone or lower your payments.
• Browse the Education and Training category of benefits on Benefits.gov to find more resources you may be eligible to receive.