Student Loan Repayment Resources

Student loans can be a blessing when you need them to pay for education, but they can be a burden when you are in repayment.  And, sometimes, it is hard to know the best way to deal with student loans.  Should you defer repayment if you can?  Can you get an income-based repayment plan?  Can you consolidate your loans?  The rules change frequently, and the right answer might not be clear.  There are a ton of resources available on the internet to help you increase your knowledge about student loans.

The official student loan website is Federal Student Aid.  They have a large section called Repay Your Loans.  Within this section, you can learn about repaying your loans, loan servicers, repayment plans, loan consolidation, deferments and forebearances, forgiveness, cancellation and discharge, default, and resolving student loan issues.  While the Federal Student Aid webpage is the big granddaddy of the available resources, there are plenty of other websites that also contain useful information.

The Student Loan Borrower Assistance webpage has lots of resources to help de-mystify the student loan repayment process.  Sections include repayment, bankruptcy, cancellation and collections.

The American Student Assistance organization helps you find the right repayment program for your situation.  It also offers the SALT money coaching program to help you consider your loan repayments as part of your overall financial situation. is directed towards federal Stafford loans, but it includes information about other loan products as well.

There are many ways to manage your repayment requirements so that they are not a burden for you and your family.  There is even a loan forgiveness program for those who work in certain public service jobs, and the military qualifies for this.  It requires a sign-up, plus ten years of on-time payments, but if you are planning on serving anyway, might as well have the loan balances forgiven eventually.  What a deal!

If you have student loans, the most important thing is to keep informed about your repayment situation and any special programs that might apply to you.  The websites listed above will give you the rules and regulations.  You should also do an internet search on “student loan repayment” plus the month and year of your search to get news articles with the most up-to-date strategies for using the rules in the best ways to help you.

About the Author

Kate Horrell
Kate Horrell is a military financial coach, mom of four teens, and Navy spouse. She has a background in taxes and mortgage banking, and a trove of experience helping other military families with their money. Follow her on twitter @realKateHorrell.
  • Sliver

    If an individual has the grades, aptitude, and desire to attain a higher level of education, they should be provided and education free of charge with an understanding to pay back into the educational system 7% of their net pay for ten years. We as a society need to reevaluate our priorities to continue the American dream. Education is the foundation of the individual in any society. More research and innovation come from educated people that create jobs and prosperity for all.

  • tndoc3

    I am in a program called VISTA or volunteers in service to America, and yes it does pay on your student loans and the interest on same. Two thing one needs to keep in mind if you go into this program with the intent of getting your loans paid on with this program. One- it is an elected option of two with this. You have to elect to get this option, it is not automatic. Secondly, if they do pay on your loans and the interest on them, it does indeed pay on those interest and loans, but when they do this, it is counted as money you earned via the IRS and is taxable for you and there is no taxes taken out of this amount. Further, since it is paid to the loans, it is counted as a government payment and you cannot deduct it for your taxes as interest or loan payments for you. You will have to pay taxes on this money stare or local if it applies as well and you cannot deduct it from your taxes at the end of the year. In my case this amount was almost $12,000 and it has put me in a major tax bracket where the taxes outweigh the amount given to me. So much for an advantage here, and yes I love the VISTA program and what it does but please be careful of what you do with this loan repayment feature. It can turn around and bite you hard at the end of a tax year.