Question 1

What is the best student loan repayment plan?

Accepted Answer

The best plan depends on your income, loan balance, and career goals. Income-driven plans work well for low income, while standard plans save money for high earners.

Question 2

How does student loan forgiveness work?

Accepted Answer

Forgiveness programs like PSLF require 120 qualifying payments while working for eligible employers. Income-driven plans offer forgiveness after 20-25 years of payments.

Question 3

Should I refinance my student loans?

Accepted Answer

Refinancing can lower your interest rate and monthly payment, but you'll lose federal loan benefits like income-driven repayment and forgiveness options.

Question 4

What is income-driven repayment?

Accepted Answer

Income-driven repayment plans cap your monthly payment at 10-15% of your discretionary income and offer forgiveness after 20-25 years of payments.

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