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Comparing Income-Based Repayment Plans for Your Student Loans

Step-by-step instructions on how to compare & apply for Income-Based Repayment Plans for your student loans.
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There are many things we are looking forward to this fall. As October approaches, we start making holiday plans, reflecting on the year, and, yes, losing sleep on student loan repayment resumption.

I know it’s been a while since most of us made payments & now is the time for a quick refresher on how to compare & apply for Income-Driven Repayment Plans. Often, IDR plans lower monthly payments. However, if you are a high-income earner, they could increase your payment, so be sure to run the calculations to see if an IDR is right for you.

First and foremost, if you have not yet done so since pre-Covid, stop reading this & log on to If you are still reading this, I assume you have diligently logged onto, updated your password, and verified your contact information & preferences. Well done!

Now that you are logged in & have updated all your contact info & preferences, the next step is determining what IDR plan you may be currently enrolled in. Go to “My Aid,” scroll to the bottom & select “view loans,” then select “view loan details.” This should bring you to a page that has the Repayment Details for your loan that lists which, if any, repayment plan you were last enrolled in.

It is possible that that plan no longer offers you the benefits you would like, such as lower monthly payments or accelerated re-payment to pay less interest over time. So how do you know which Income-Driven Repayment Plan is right for you? There are many & not all loans are eligible for all plans, so the first step is to use the loan simulator tool on your account:

From there, select “I want to find the best student repayment strategy.” Select the parameters that meet your goals. Follow the steps & you will end up on the results page. From there, select “View & Compare All Plans.” Choose the one that fits your needs. You still need to apply now that you have chosen an IDR plan.

To apply, select the “Loan Repayment” drop-down menu in the toolbar & select “Income-Driven Repayment Plans (IDR).” If you have had one in the past, select the “Manage Your Plan” button. If you have not had an IDR before, select the “Apply” button. Either option will take you through a 10-minute application process. Select the plan that meets your needs, submit & viola, you’re done!

See, not so bad! It is important to note that the IDR could take up to 4 weeks to be approved, so start this process as soon as possible. Payments will resume in October. Let us know if you have any questions.



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