If college were a party, then student loans are the hangover.
Unfortunately, the “hair of the dog” won’t cure this headache, but here are some ideas for managing your student loan debt.
The programs listed are not intended as tax or legal advice. They may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The programs are for informational purposes only, and should not be considered a substitute for a more comprehensive student loan evaluation.
Income-Driven Repayment Programs — There are four different types of income-driven repayment choices that may help to manage your monthly federal student loan payments:1
- Saving on a Valuable Education (SAVE Plan)
- Pay As You Earn Repayment Plan (PAYE Plan)
- Income-Based Repayment Plan (IBR Plan)
- Income-Contingent Repayment Plan (ICR Plan)
You may be eligible for one or more of these payment choices depending on the types of student loans you have, your family size, your income, and certain other factors.
Under these income-driven repayment plans, any remaining loan balance may be forgiven at the end of the payment period. Payment periods vary depending on the payment option you enroll in, but typically range between 20-25 years.
A financial professional may help you to determine which of these income-driven repayment choices you might be eligible for.1
1 StudentAid.gov, 2025
2 Credible.com, April 23, 2025
