If Forgiveness or Paying Loans Off Is Not Feasible
Consider the following:
Enroll in the Lowest Repayment Plan Possible until the end of time ➲
Federal student loans are discharged upon death: Explore your repayment plan options using the FSA Loan Simulator. Enroll in the plan with the lowest monthly payment to minimize financial strain.
Plans include:
- Extended Repayment Plan
- Income-Driven Repayment plan (like SAVE, PAYE, IBR, ICR)
Learn more about repayment plans and strategies.
If you can’t afford to repay long term ➲
Understand the consequences of default. Defaulting on loans can lead to wage garnishment, tax refund and social security offsets, loss of eligibility for future financial aid, damaged credit, and additional fees.
