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Getting Student Loan Payments Lowered

Explore the comprehensive resources available at StudentAid.gov to navigate the student loan process with confidence.

  • Understand Your Options: Get acquainted with the various aspects of student loans through detailed guides and tools.

  • Loan Simulator: Utilize the loan simulator to explore your repayment options and find the plan that best suits your financial situation.

  • Loan Consolidation: Discover whether loan consolidation is the right choice for you by visiting the loan consolidation section.

Stay Informed

Teacher Loan Forgiveness:If you're a fully qualified teacher working in a low-income district and remain in the same position for five consecutive years, you may be eligible to have $17,500 forgiven from your loan balance. Explore the Teacher Forgiveness loan provisions to see if you qualify.

 

Income-Driven Repayment Plans: Take a closer look at the various Income-Driven Repayment Plans, especially the Income-Based Repayment (IBR) plan, to determine which option aligns with your financial situation.

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The student loan repayment landscape is complex and ever-changing. With new updates and shifting policies, it can be hard to keep track of the best options available to you on any given day.

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If you're looking to lower your payments, you have two main options to explore:

  1. Free, Do-It-Yourself Option

  2. Paid Service for  example KCPS Teachers: GotZoom
    For Kansas City Public Schools (KCPS) teachers, GotZoom is a featured service in the KCPS Benefits Booklet. This service handles the research for you and recommends the best repayment options tailored to your situation.

    • Average Savings: GotZoom advertises an average monthly savings of $468.

    • Cost: The initial fee for KCPS teachers is $395, with a monthly charge of $28.95.

    • How to Get Started: Visit the GotZoom website to explore this option.

If you decide to go with the paid service, GotZoom could help you save an average of $468 per month, according to their website.

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Do It Yourself

If you choose Option One, the Do-It-Yourself plan, here are the steps to follow

    1. Get familiar with the many parts of the student loan process through the website StudentAid.gov, https://studentaid.gov/

    2. Use the loan simulator on this website which will detail the repayment options you have.

    3. Use the loan consolidation section of this website to determine if consolidation is the right thing for you.

    4. Explore Teacher Forgiveness loan provisions: If you stay in place for five consecutive years, are fully qualified and in a low income district, you can have $17,500 forgiven from your loan balance.

    5. Explore the benefits of the Income Based Repayment plan

    6. If you conclude you want to change your repayment plan, call your servicer whose number is listed on your loan payment documents.

    7. There is a free debt and credit counseling service if you are trying to pay down credit card debt: https://www.greenpath.com/counseling/student-debt/

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