Repayment Options: An Overview

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  • Deferment
  • Forbearance
  • Consolidation
  • Rehabilitation
  • 10 yr standard repayment
  • Extended repayment up to 25 yrs.
  • Graduated plan - steps up
  • Extended graduated - 25 yrs, interest only to start, steps up every 2 yrs
  • ISR
  • ICR - Income contingent
  • IBR - Income based repayment.
  • Paye – Income based repayment.
  • Repaye – Income based repayment.
  • IBR for new borrowers – Income based repayment
  • The income driven programs have many differences on how they are calculated as well as what types of loans they are applicable and include forgiveness after 10, 20 or 25 years.
  • Various discharges available for public service, total and permanent disability, closed school, false certification of ability to benefit or disqualifying status of student; identity theft
  • Bankruptcy undue hardship discharge or cure default through Chapter 13


How do you know your eligibility for each program/option?

Which program is best for you and why?

In what order and how do you go about applying for these options?

Do you know the pros and cons of each?

Can you change from one repayment plan to another?

Are you aware that you have one chance to get much of this right? (you can only consolidate or rehabilitate once, and certain applications are also a one shot deal).

Do you have the time and access to resources to figure all this out?

Do you know the various changes coming up for several of these programs, and whether you should wait or move ahead now?

There are many strategic factors to take into account, how you count your spouse's income, how to document expenses, whether to deal with all loans in the same fashion etc.

The bottom line: If you don't fully understand the options available to you, then you need a consumer advocate on your side.

What we hope to accomplish for you:

  1. stop collection calls and illegal debt harassment;

  2. use FDCPA and FCCPA settlements/lawsuits to help offset your attorney's fees;

  3. manage delinquency and negotiate to rehabilitate student loans back into good standing if in default; and

  4. arrange a long-term affordable payment and optimize repayment for the duration of the loan.

  5. If you are eligible for any cancellation or discharge options, pursue those on your behalf.

Even if you are not presently in delinquency or default, optimizing your repayment opportunities could save you tens of thousands of dollars over the life of the loan.

As always, we offer flat monthly fees whenever possible in our representation.

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