Millions of Americans have student loan debt, and many struggle to pay the full monthly payment they have due.
Many wonder if there are ways to not only make their payments, but be able to comfortably afford them.
The answer is yes, some people may qualify for what’s called an income driven repayment plan.
This makes it easier to handle the debt.
Who can apply for an income driven student loan repayment plan?
Those with federal loans may be eligible for one of the income driven repayment plans.
This plan is specifically for people with higher debt than they have income.
Most people who have outstanding federal debt that need to make lower monthly payments can do so.
Even if you don’t qualify for an income driven repayment plan, you may be able to get lower monthly payments.
These plans do not have any affiliation with the Department of Education or Federal Loan Servicers.
The payment you make is a percentage of your income.
The percentage is figured out by looking at your debt, income and family size.
Some people may not make enough to need to make payments at all.