You may be able to enroll in a payment plan that sets your monthly payment based on your income. This is one of the best options to staying on the road of repayment for federal loan borrowers. For most borrowers, Income-Based Repayment (IBR) provides the security of knowing that you can afford your payments.

You may also be able to postpone your payments under deferment or forbearance.

If you are looking to reduce your payments, there are several tools available, including:

• Income-Based Repayment (IBR)
• Graduated repayment
• Extended repayment

Click here to visit the full list of options.

WARNING: Most borrowers will pay more in interest over the life of the loan through all of these options.

TIP: If you are having trouble repaying your loans, you should contact your servicer about IBR before you enroll in an alternative payment plan that spreads your payments out over a greater period of time. Payments made through the IBR program are eligible for loan forgiveness after 25 years and may be eligible for forgiveness after 10 years if you work in public service.