6 Ways You Can Get Out of Student Loan Debt

Dealing with a substantial debt burden can be overwhelming. As you repay your debt, wondering the best way to get out of student loan debt is natural.

There are some other options that may help minimize the amount of money you pay back, like federal forgiveness programs or even options that can make monthly payments more affordable, like income-driven repayment plans.

1. Loan Forgiveness Programs

Depending on your eligibility, there are a few different loan forgiveness programs available to borrowers with federal student loans.

2. Income-Driven Repayment Plans

Income-driven repayment plans for federal student loans tie a borrower’s monthly loan payments to their income.

3. Disability Discharge

It may be possible to have federal student loans discharged if you have a permanent disability. But it’s still very difficult to apply for a total and permanent disability discharge.

4. Temporary Relief: Deferment or Forbearance

This option won’t eliminate student loan debt but maybe an option to consider for borrowers struggling to make monthly payments on their federal student loans.

5. Student Loan Refinancing

By refinancing your student loans, you can potentially qualify for a lower interest rate, which can possibly lower your monthly payments, or save you money on interest over the life of your loan.

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