If you have rehabilitated — or are in the process of rehabilitating — your Federal Family Education Loan Program loans, the following free resources can help you stay on track to successful repayment of your loans:
Affordable Payments on Rehabilitated Student Loans
The amount for each of the nine payments you made to rehabilitate your defaulted FFELP loans was likely much less than the payments you will be required to make on your student loans going forward. To maintain a monthly payment you can afford, consider the following options:
- Income-driven repayment options limit your monthly payments to a percentage of your income. To request an income-driven repayment option you must complete an application called the Income-Driven Repayment Plan Request. You can submit the application online at StudentLoans.gov with your FSA ID, or on a paper form, which you can obtain from your loan servicer.
- Direct Loan consolidation. You may be able to reduce your monthly payment by consolidating your loans through the federal government and extending the payback period. You can apply for Direct Loan consolidation at StudentLoans.gov.
- Other repayment options. Review the full range of student loan repayment options at StudentLoans.gov.
Consumer Credit Counseling
The following websites can help you get a handle on how to manage your debt.
Credit Card Debt
Use the following websites to check your credit report.
- Salary.com. Offers access to annual salary ranges, job descriptions and job requirements for common entry-level or advanced careers by region of the country.
- Occupational Outlook Handbook, from the Bureau of Labor Statistics, U.S. Department of Labor. A nationally recognized source of career information designed to provide assistance to individuals making decisions about their future work lives. Revised every two years, the handbook describes what workers do on the job, working conditions, training and education needed, earnings, and expected job prospects in a wide range of occupations.
The following websites provide information on jobs that are currently available in your area and related salaries:
Other useful job search and career exploration resources include the following:
- Roadtrip Nation. Offers books and other resources to help individuals pursue fulfilling careers.
- Careers, from The Wall Street Journal. An online index of articles on career-related topics.
- Job Hunter’s Bible.com. The companion site to the book What Color Is Your Parachute?
- The Riley Guide. One of the oldest and most respected job-related Internet sites.
- Manage Your Money, from Mapping Your Future. Offers links to a variety of resources for setting up a budget, using credit cards wisely, balancing your checkbook and repaying your student loans.
Student Loan Repayment
- Student Loan Repayment Calculator, from USA Funds. Offers estimates of monthly payments, total interest and repayment terms for the various repayment options available to federal student loan borrowers.
- Repay Your Loans, from the U.S. Department of Education. Describes options for repaying your federal student loans.
- Resources for Past-Due Loans and Loans in Default. If you encounter problems repaying your rehabilitated loans, these pages offer advice for resolving your payment issues.
- USA Funds Loan Solutions℠. You also can establish an account and log in to review your account status and take action to address your payment issues.