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For information about repayment of private student loans, contact the organization that made the loan. For repayment information about PLUS loans made to parents, contact your loan servicer. For a list of servicers, see StudentAid.gov/servicer.
If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years—or as few as 10 years under our newest IDR plan, the Saving on a Valuable Education (SAVE) Plan.
The tool helps you review different student loan repayment plans and compare estimated monthly payments, total paid over time, and more. Under some income-driven repayment (IDR) plans, including the new Saving on a Valuable Education (SAVE) Plan , your monthly payment could be as low as $0.
Are you struggling with your federal student loan payments? On an income-driven repayment (IDR) plan, your monthly payment is based on your income and family size. Our newest IDR plan, the Saving on a Valuable Education (SAVE) Plan, has unique benefits that can lower payments for many borrowers.
Only borrowers who have entered repayment on at least one of their loans when the debt relief is applied would be eligible for forgiveness on the loan(s) in repayment.
In certain cases, you can have your federal student loan forgiven, canceled, or discharged. Find out whether you qualify due to your job or other circumstances.
You (the parent) must complete the Federal Direct PLUS Loan Master Promissory Note (MPN). The MPN explains the terms and conditions of your loan and is your legal agreement to repay your loan to ED. In most cases, a single MPN can be used for loans that you receive over multiple academic years.
You must continue making payments on your student loan(s) until you have been notified that your request for deferment has been granted. If you stop paying and your deferment is not approved, your loan(s) will become delinquent, and you may go into default.
If you get a total and permanent disability (TPD) discharge, you don’t have to repay your federal student loan (s) or complete your TEACH Grant service obligation. As of May 2023, around 492,000 borrowers have gotten loan forgiveness through TPD discharge. And there are multiple ways to qualify!