Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans Student Loan Repayment How to Get Help With Student Loan Debt: 7 Solutions Updated Feb 21, 2025 11-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Christi Gorbett Written by Christi Gorbett Expertise: Small business loans, investing, retirement, banking, credit cards, student loans, personal loans Learn more about Christi Gorbett Reviewed by Kyle Ryan, CFP® Reviewed by Kyle Ryan, CFP® Expertise: Comprehensive financial planning, tax planning, investment planning, retirement planning, estate planning Kyle Ryan, CFP®, ChFC®, is a co-owner and financial planner at Menninger & Associates Financial Planning. He provides his clients with financial products and services, always with his client's individual needs foremost in his mind. Learn more about Kyle Ryan, CFP® If you’re looking for ways to manage your student loans, plenty of resources and strategies can help. Whether you want to lower your monthly payments, explore loan forgiveness, or simplify repayment, options are available to make the process easier. This guide offers clear, actionable steps to help you take control of your student loan debt. With the right approach, you can better manage your loans, reduce financial stress, and make progress towards your financial goals. Table of Contents 1. Understand your loan details 2. Explore federal repayment plans 3. Consider loan forgiveness programs 4. Consolidate or refinance 5. Stay informed about policy changes 6. Find a Certified Financial Planner 7. Beware of scams 1. Understand your loan details Before you can get help with student loan debt, it’s important to understand what you’re dealing with. Gathering all the details and keeping them organized in one place will give you the clarity to make informed decisions about your loans. Information to collect Start by collecting key information on your student loans, including: Loan type: Federal student loans (e.g., Direct, Perkins, FFEL) or private Loan servicer: Name and contact information of the company managing the loan Loan balance: Total amount owed Interest rates: Fixed or variable interest rates applied to each loan Repayment terms: Monthly payment amounts, due dates, and payment schedule You can find this information on your original loan documents, recent loan statements, or online through your loan servicer. It’s wise to put this information in a spreadsheet so it’s all in one place and easy to reference whenever needed. Why it’s important to know your loan details Managing debt can be stressful, but knowing what you’re dealing with can give you a sense of relief and control. Knowing your loan details can also give you a better picture of your overall financial situation and help you make smarter decisions about your money. That information can also help you choose a student loan repayment plan, apply for forgiveness programs you might qualify for, or decide whether consolidation or refinancing makes sense. Plus, it helps you avoid expensive mistakes, such as missed payments or unnecessary fees. 2. Explore federal repayment plans Once you’ve gathered all your loan information, the next step is to research federal repayment options to determine the best fit. How federal repayment plans work If you have federal student loans, research the various repayment plans offered to see which one would work best for you. The basic federal repayment plans include: Standard repayment plan: The default plan with fixed monthly payments made over 10 years Graduated repayment plan: A 10-year repayment plan where the amount you pay each month increases over time to reflect a growing income Extended repayment plan: A 25-year repayment plan designed for students with $30,000 or more in federal student loan debt Income-driven repayment plans: Affordable monthly payments based on your income and family size to be repaid over 20 or 25 years Choose the right repayment plan Once you’ve looked into all the options, weigh your current finances and future goals to determine which student loan repayment plan is right for you. Based on the repayment plan you choose, your minimum payment amount may differ. If you’re strapped financially, an income-based repayment plan is likely the better choice. Those earning high wages may prefer to stick with the standard repayment plan to eliminate your debt as soon as possible. 3. Consider loan forgiveness programs Federal loan forgiveness programs can also help alleviate student loan debt. Check into the various options to see whether you qualify, and apply once you’re eligible. Who qualifies for loan forgiveness? The Department of Education offers Public Service Loan Forgiveness (PSLF) to anyone who works for the government or a nonprofit organization, including: Federal, state, and local government employees Members of the military, AmeriCorps, or the Peace Corps Teachers at public elementary or secondary schools Full-time instructors at public colleges or universities Employees working for public transportation authorities, government housing agencies, or family service agencies Additional loan forgiveness is also available to qualified teachers working at underserved public schools through the Teacher Loan Forgiveness program. If you don’t work in any of these fields, you can still qualify for loan forgiveness if you’re on an income-driven repayment plan; these plans write off the remainder of your debt after 20 to 25 years of payments. Tip Hospitals and companies that offer 403(b) retirement plans are typically employers that qualify for PSLF. How to apply for loan forgiveness Each loan forgiveness program has a separate application process. Forgiveness is automatic once you’ve made enough qualifying payments on an income-driven repayment plan. It’s smart to keep track of payments on your own so you know when you’re eligible. You can apply for PSLF using the PSLF help tool on the StudentAid website. The application for Teacher Loan Forgiveness is also available through the same site. It’s important to stay on top of the requirements to qualify for PSLF. Make sure you are following the proper reporting guidelines each year, or speak with a student loan servicing company to understand how it works. Kyle Ryan, CFP® Kyle Ryan , CFP®, ChFC® 4. Consolidate or refinance You may also benefit from consolidating or refinancing your loans. Let’s look at the differences between the two and when each option makes sense. Difference between consolidation and refinancing The motivation behind loan consolidation and refinancing is similar; the purpose is to simplify repayment by combining multiple loans into one. But they’re not the exact same. Loan consolidation is when you bundle multiple federal student loans into one using a weighted average of their interest rates. Refinancing is what you do with private student loans, taking out a separate loan with new terms to replace your current loans. When consolidation or refinancing makes sense Consolidating your federal student loans makes sense if you want to streamline your payments and make them more manageable. It may also be required to qualify for PSLF. Refinancing with lenders such as SoFi could be wise if you have multiple private student loans at high interest rates. You’ll need a steady income and good credit (FICO score of 670 or higher) to qualify for the best rates, so check what lenders are willing to offer you before committing to a new loan. Just be wary of the pros and cons of refinancing student loans. Read More Should You Refinance Federal Student Loans? 5. Stay informed about policy changes Student loan policies change more often than you might think; staying informed is vital to helping you manage your loans and respond to any unexpected changes. How to track student loan policy updates The best way to stay informed is to read announcements on the Federal Student Aid website. You can also sign up for informational emails from the Department of Education through the StudentAid website. Another option is to set a Google alert; you can choose terms related to student loans and get a notification when a relevant article is published. Why staying informed matters Being aware of policy changes can help you make informed decisions about your student loans. For example, borrowers on the SAVE repayment program recently had their loans put in forbearance due to litigation over some aspects of the plan. Borrowers working toward loan forgiveness might apply for a different income-based repayment plan to continue making qualifying payments. Any borrower unaware of this change would be surprised to find their loan forgiveness timeline extended for as long as the forbearance lasts. Staying current on student loan policies keeps you informed so you can adapt your strategy as needed and keep your student loan repayment on track. 6. Find a Certified Financial Planner You don’t need to handle your student loan debt alone—professional help is available if you know where to look. Where to turn for professional help If you’re struggling to make student loan payments or need help reaching your financial goals, several resources are available. A Certified Financial Planner (CFP®) is an advisor who helps you figure out the big picture when it comes to your money. CFPs® can help you choose the best repayment strategy, explore refinancing options, and balance your student loan payments with other financial priorities. The best way to find a CFP® is through The National Association of Certified Financial Advisors. Look for an advisor who’s a Certified Student Loan Professional because they have specialized knowledge of student loans and the policies that govern them. A credit counseling company can also be useful. Counselors can offer guidance on budgeting, explain student loan repayment options, and work with you to create a plan to repay student loans and other debts. As a CFP®, I help my clients assess how their student loan debt fits into their larger financial picture. We generally start with treating the student loan debt as any other debt and analyze the loan details: Is the loan forgivable? When is it estimated to be paid off? What is the minimum payment and interest rate, and should it be refinanced or consolidated? Once we understand the details of the loans, we can plan how to pay them off or leave them for forgiveness. Generally, we start with the interest rate and cash flow analysis. If you overpay your loan, how does that affect the rest of your finances? This is called understanding the “opportunity cost” of every dollar. Should we target paying these loans off, or is your money best placed elsewhere? We look as far into the future as makes sense. For 30- to 40-year-olds, we consider when the loans will be paid off and how the financial plan should look, making changes as needed. Kyle Ryan, CFP® Kyle Ryan , CFP®, ChFC® Trusted organizations that can help Here are a few additional organizations that can help with student loan debt: National Foundation for Credit Counseling (NFCC): A nonprofit network offering financial counseling, including help with student loans. American Consumer Credit Counseling (ACCC): Provides budgeting support and student loan counseling to help borrowers manage debt. The Federal Student Aid Ombudsman Group: If you find any discrepancies in your loans, this is where you go to lodge a complaint. Read More How to Get Free Student Loan Help; 7 Ways to Get Help With Student Loan Debt 7. Beware of scams Scammers prey on student loan borrowers, taking advantage of their financial stress and desire to find debt relief. But knowledge is power—by identifying the warning signs and taking steps to protect yourself, you can steer clear of scams and avoid wasting money on false promises. Common warning signs of student loan scams Here are a few red flags to watch out for when evaluating potential student loan scams. Unsolicited contact: Avoid unsolicited phone calls, emails, or messages from companies claiming they can “fix” your student loans. Requests for sensitive information: Avoid sharing your Federal Student Aid (FSA) ID, Social Security number, or banking information with companies claiming they need it to process your services. Promises of immediate forgiveness: Scammers often guarantee instant or total loan forgiveness, which legitimate programs such as PSLF or income-driven repayment forgiveness don’t offer. Upfront fees: Be wary of companies that charge fees before providing any service, especially for consolidating loans or enrolling in free repayment plans through your loan servicer. Pressure to act quickly: Scammers may create urgency, claiming you must sign up or pay right away to access limited-time programs. How to protect yourself from scams Knowing the red flags to look for can help you identify scams and avoid falling victim to them. Here are more ways you can protect yourself from scammers. Get information on financial aid policies, repayment options, and loan forgiveness programs only from trusted resources. Contact your federal or private student loan servicer whenever you need help. Never share sensitive information, especially when someone contacts you with an unsolicited offer. Check the legitimacy of any offer by reading reviews on the Better Business Bureau (BBB), Trustpilot, and Reddit. Be wary of any offer that seems too good to be true—it’s likely a scam. Report suspected scammers to the Federal Trade Commission (FTC) or the Consumer Financial Protection Bureau (CFPB).