When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources.
Learn more, visit Federal versus Private Loans.
Visit Federal Student Loan Programs. to learn more.
Learn about different types of Student Loans in the Life Events section of Finance Your Future, a free online financial literacy
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Understanding the details of repayment on your federal student loan can save time and money. These resources will help you learn about the repayment process:
Federal Student Loans: Repaying Your Loans.
Understanding Student Loan Repayment
If you are a full-time employee of a U.S. federal, state, local or tribal government or not-for-profit organization, you might be eligible for the Public Service Loan Forgiveness (PSLF).
Now there is a time-limited opportunity for borrowers to receive credit for student loan payments that previously did not qualify for PSLF. This change will apply to student loan borrowers with Direct Loans, those who have already consolidated into the Direct Loan Program, and those who consolidate into the Direct Loan Program by Oct. 31, 2022.
Check out the Public Service Loan Forgiveness Frequently Asked Questions to see if you are eligible and for other related information.
It is now easier than ever to create a personalized path to affordable monthly student loan payments with the use of the CFPB's Student Loan Payback Playbook. This is a tool that helps borrowers gain a better understanding of the repayment options available to them for paying off their student debt.
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