Last October, the Department of Education began making more earnest efforts to educate student loan borrowers on the plethora of repayment options available to them. This was in efforts to lower the ever-rising rates of individuals defaulting on their loans due to inability to keep up with high payments.
While most borrowers are automatically enrolled in a standard 10-year repayment plan, many are unaware of the different plans that are less publicized but may actually be extremely beneficial in helping them manage their monthly payments and still have money for life’s actual necessities.
As you look through the available options below, remember that they are only applicable for federal loans and you would need to contact your private lenders individually to see what they have to offer.
This post originally appeared on LearnVest.