Some loans do not allow for a grace period. You may realize that the repayment plan you have chosen isn’t working for you. How to change your repayment plan for student loans

Contact the Lender

Talking to your lender is the best and first thing to do if you need to make changes to your repayment plan for student loans. If you are a federal loan borrower, there are many options. It may be harder to change your payment plan if you have private loans. They can give you advice on how to best manage your debt.

Income-Driven Payment Plans

A repayment plan based on your income may be a good option if you just want to get a lower monthly payment. You can make sure that your monthly payments are in line with your income. You’ll need to apply for income-driven plans every year.

You may not be able to get these plans from all lenders. Speak to them about the options available.


You may be able to defer your federal loans as well. You can defer your loans and not damage your credit. If you have the option to stop payments for three years or more, it allows you to focus on reorganizing your budget. In the case of subsidized loans, interest will be waived during this period. You will have to pay interest on unsubsidized student loans.

You must fill out a form stating your reasons for deferment. Deferment is only granted to those who are in college, unemployed or experiencing financial hardship.


The forbearance option is similar to the deferment but only for a short period, up to 12months. If you lose your job, this option can be a blessing. However, the interest continues to accrue, regardless of what type of loan it is.

You can only be eligible for a forbearance program if you are enrolled in a dental or medical program, a member of AmeriCorps or have medical costs or financial difficulties. You may also be eligible if your monthly payment is 20% or more than your income, you are in a medical or dental program, serving in the AmeriCorps and have financial difficulties.

Combining entities or things

If you have multiple loans of different amounts and rates, consolidating them is an excellent option. The consolidation process will reduce your interest rate and simplify the process. If you consolidate your debt, you might also be eligible for income dependent repayment plans.

You should also be aware that if you increase your repayment period, the amount of money you pay back will also rise.

Here are some options you have when it’s time to change the repayment plan on your student loans. There are more options for federal loans. Therefore, if your private loan is causing you problems, you need to talk to the lender about what you can do. Do not stop paying your student loan. You could face disastrous financial consequences.

Find out more about private loans with College Raptor. Compare student loans and rates from different lenders to find your ideal loan.


  • owenbarrett

    I'm Owen Barrett, a 31-year-old educational blogger and traveler. I enjoy writing about the places I've visited and sharing educational content about travel and culture. When I'm not writing or traveling, I like spending time with my family and friends.