Saving During Student Loan Repayment

According to MeasureOne, private student loans make up an estimated 7.71% of the total outstanding student loan debt, so the vast majority of student loan debt is federal.

If you’re one of 17.8 million people in repayment or the 7.4 million currently in school, these can seem like very scary statistics. 

The important thing to remember is that there are a lot of ways to help federal loan borrowers avoid delinquency and default and even save some money. Here are a few:

 

 

Legislation related to student loans can change regularly. Luckily, federal student loan borrowers are typically grandfathered into the options that were available when they took out their loans. If changes occur that could impact your eligibility, make sure to review the fine print on things like Public Service Loan Forgiveness or alternative repayment plans.

 

Written by:

Andrea Pellegrini
Assistant Director, USFSCO Student Money Management Center
University of Illinois System