Millions of Americans are unemployed right now. Federal direct student loans are in a temporary forbearance due to the CARES Act, but that will end in September. Now is the time to review your current financial situation and determine whether or not you’re in the right repayment plan for when your payments resume.
If you’re looking to lower your monthly repayment amount, you can scenario plan with the Lower My Payments calculator. By entering in basic details like your current loan balance and your income, you can review different repayment plans that you may be eligible for, including Income Driven Repayment (IDR) plans. Some IDR plans can be as low as $0 per month, but still count towards consecutive payments allowing you to reach that end goal of loan forgiveness.
If you find yourself wondering what you should do, or if you feel overwhelmed by the different options, reach out to an IonTuition Concierge Advisor. They can help answer all of your student loan questions, and then connect you to your servicer to get you enrolled in your new plan.
Let’s connect today either by phone or webchat!