Student loan borrowers have a variety of options when the time comes to start repaying their loans. Federal student loans offer the most flexibility, while the choices with private student loans are more limited. The best way for you to repay will depend on the kind of loans you have, how much you owe, and where you stand financially after graduation.

There are several ways to lower your student loan payment. The reason you want a lower payment and the type of loans you have will help determine which is best. If you have stable finances and want smaller student loan payments to give you extra money each month there are several options, such as refinancing. If you need to lower your monthly student loan payment so that you can make ends meet, you will want to consider an IDR program.

There are at least four ways to prevent or stop garnishment: i. Receive favorable judgment at a hearing. ii. Combine your eligible debt into a new consolidated loan. iii. Enter and complete a rehabilitation program. iv. Repay the debt in full (or complete a new repayment contract).

At least one income-driven repayment plan is available for most federal student loans. Your monthly payment could be as low as $0/mth depending on your income. Each student borrower’s payment is set at an amount that is supposed to be affordable based on your salary and family size in an income-driven repayment plan. You must complete an recertification application annually if you wish to repay your federal student loans using an income-driven repayment plan.

If you have several student loans, you may be able to consolidate them into a single loan with a fixed interest rate based on the average of the interest rates on the combined loans. A Direct Consolidation Loan combines several federal student loans into a single loan. You will confirm the student loans you wish to combine and agree to repay the new Direct Consolidation loan by completing and signing a Federal Direct Consolidation Loan Application and new Promissory Note. Instead of numerous monthly payments from the individual loans, the consolidated loan has a single monthly payment, once finalized.