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Your student loan payments can take up a significant amount of your budget. If you're struggling to afford your monthly payments, you might be able to lower them depending on your loan type.

Some loans allow you to switch to a different repayment plan that makes your payments more manageable. But not all loans — nor all borrowers — are eligible for other repayment options.

If you need a little more flexibility with your student loans, here's what you need to know.

Yes, you can often change your student loan repayment plan, particularly if you have federal student loans. You might consider adjusting your repayment plan if:

Your income has decreased.

Your expenses have increased.

You're applying for Public Service Loan Forgiveness (PSLF).

You want to consolidate multiple loans into one.

You're already on a longer repayment plan and want to pay off your debt more quickly.

If you have private student loans or federal Parent PLUS Loans, your options are more limited. Below, we dive into your different payment options for each loan type.

The federal loan system is currently in transition. President Trump's One Big Beautiful Bill (OBBB) made major changes to student loan repayment, but many of those changes won't kick in until July 2026. Here's what you need to know about federal payment options, and which ones you may be eligible to switch to.

Eligible borrowers: All federal loan borrowers, regardless of when your loans are disbursed

Currently, the standard repayment plan for borrowers is 10 years, with fixed monthly payments distributed evenly over that period. This plan is available to all borrowers with the following loans:

Direct Subsidized and Unsubsidized Loans

Subsidized and Unsubsidized Stafford Loans

Direct PLUS Loans

Direct Consolidation Loans

If any of your loans are issued on or after July 1, 2026, a new Tiered Standard Plan will take effect. New loans will be repaid over 10 to 25 years, with your loan term based on your loan balance when you enroll:

Loan Balance

Loan Term

Under $25,000

10 years

$25,000 to $49,999

15 years

$50,000 to $99,999

20 years

$100,000 or more

25 years

You’ll make fixed monthly payments for the duration of the loan. The new standard repayment plan is available for all federal loans, including parent loan borrowers.

Eligible borrowers: All undergraduate and graduate federal loan borrowers, regardless of when your loans are disbursed

The OBBB created the RAP, a new repayment plan. This plan bases payments on the borrower's adjusted gross income (minus $50 for each dependent the borrower has).

All borrowers will have to pay at least $10 per month, regardless of income. Any remaining balance on your loans can be forgiven after you make 30 years of qualifying payments.

The new repayment plan will be available starting on July 1, 2026.

Adjusted Gross Income (AGI)

Percentage of AGI

$0 to $10,000

Not applicable; flat $10 payment

$10,001 to $20,000

1%

$20,001 to $30,000

2%

$30,001 to $40,000

3%

$40,001 to $50,000

4%

$50,001 to $60,000

5%

$60,001 to $70,000

6%

$70,001 to $80,000

7%

$80,001 to $90,000

8%

$90,001 to $100,000

9%

$100,000 and up

10%

Eligible borrowers: All federal loan borrowers whose loans were disbursed before July 1, 2026

Graduated repayment is ideal for borrowers with relatively low incomes who expect to earn significantly more over time. Under this plan, payments start low and increase at regular intervals (usually every two years). If you consolidate your loans with a Direct Consolidation Loan before enrolling, you can have up to 30 years to repay your debt.

Eligible loans include:

Direct Subsidized and Unsubsidized Loans

Subsidized and Unsubsidized Stafford Loans

Direct PLUS Loans

Direct Consolidation Loans

Borrowers who take out any new loans on or after July 1, 2026 (including borrowers who have older loans), will have to make payments under the Tiered Standard Plan or the new Repayment Assistance Plan (RAP).

Eligible borrowers: All federal loan borrowers whose loans were disbursed before July 1, 2026

If you have more than $30,000 in outstanding federal direct loan debt, you can use the extended repayment plan to stretch your term to 25 years. Payments can be fixed or graduated, and eligible loans include:

Direct Subsidized and Unsubsidized Loans

Subsidized and Unsubsidized Stafford Loans

Direct PLUS Loans

As with graduated repayment, current loan borrowers can continue to use extended repayment. But if you take out any new loan on or after July 1, 2026, you're no longer eligible.

Eligible borrowers: Direct Loan borrowers whose loans were disbursed before July 1, 2026

Borrowers with outstanding Direct Loans can take advantage of income-driven repayment (IDR) plans. These plans base payments on a percentage of borrowers' discretionary income and have repayment terms of 20 or 25 years. If the borrower still has a balance at the end of the term, the remaining balance is forgiven.

Previously, there were four plans:

Income-based repayment (IBR)

Income-contingent repayment (ICR)

Pay As You Earn (PAYE)

Saving on a Valuable Education (SAVE)

Borrowers could use these plans as they made progress toward loan forgiveness under Public Service Loan Forgiveness. And, Parent PLUS borrowers could consolidate their loans with Direct Consolidation Loans. Once consolidated, the loans were eligible for ICR.

The OBBB ends most of these plans, which will be phased out in 2028.

Current borrowers who don't take out new loans on or after July 1, 2026, can continue on their current plans, but will have to transition to another eligible plan by July 1, 2028.

Borrowers who take out any loan on or after July 1, 2026 have just two options: the new RAP and Tiered Standard Repayment. For parent borrowers, only Tiered Standard Repayment will be available. Parent PLUS borrowers with existing loans who want to take advantage of ICR must consolidate their loans and enroll in ICR before July 1, 2026, or they'll lose eligibility.

Read more:

Parent PLUS loan deadline: Why June 30 could be the most important date of 2026

Is your student loan repayment plan about to be eliminated? What to know before July 1.

If you cannot afford your private student loan payments, consider these options:

Typically, you cannot switch your repayment plan on a private student loan. But, there are some exceptions, including:

Earnest offers several alternative payment plans and programs, including an extended-term option and a rate-reduction program.

RISLA operates its own income-based repayment option that bases payments on the borrowers' income and family size. Payments are capped at 15% of the borrower's discretionary income.

Sallie Mae has programs that can help you get back on track, such as a loan modification to lower your payments or a reduced payment plan that allows you to make six months of interest-only payments.

Options vary by lender, so if you cannot afford your payments, contact your lender to find out what repayment plans or relief programs may be available.

If your lender doesn't offer an alternative payment plan, another way to reduce your payments is to refinance your loans. If you have good credit (or a credit-worthy co-signer), you can qualify for a lower rate or extend your repayment term to lower your payment amount.

For example, say you had $20,000 in private student loans at 7% APR, with a 10-year term. Under that loan structure, you'd pay about $232 per month. If you refinanced to a loan at 6.75% APR and a 15-year term, your payment would drop to $177 per month. You'd pay more in interest over the longer loan term, but you'd have more breathing room in your monthly budget.

Original Loan

Refinanced Loan

APR

7.00%

6.75%

Loan Term

10 Years

15 Years

Monthly Payment

$232

$177

Total Interest

$7,866

$11,857

Total Repaid

$27,866

$31,857

Related: Best private student loans in 2026

Ultimately, the best student loan repayment plan depends on your situation and financial goals. Here are some potential scenarios to consider:

You have a high income: The Standard Repayment Plan may be the best option for you because it's the quickest path to becoming debt-free.

You're struggling to keep up with payments: An income-driven repayment plan like RAP may make your payments more manageable.

You're applying for Public Service Loan Forgiveness: The Public Service Loan Forgiveness program offers loan forgiveness after you make 120 qualifying monthly payments while working for a government agency or eligible not-for-profit organization. If you're applying, get on an income-driven repayment plan or, when available, sign up for RAP.

You have excellent credit: If you have good credit, student loan refinancing may be a useful way to adjust your payments. You might even save money on interest, depending on the details of your loan.

To get more information about your options and switch to a new student loan repayment plan, contact your loan servicer. To find your loan servicer and its contact information, log in to your account at StudentAid.gov or check your latest loan statement.

Federal Student Aid offers a Loan Simulator tool, which allows you to estimate monthly payments and compare federal plans.

For other loans, contact your lender to find out what options may be available; you may qualify for temporary relief or financial hardship programs.

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Student loan rules are set to change in 2026. Here's what borrowers need to know about repayment, forgiveness, and federal policy changes.

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A court ruling has ended the SAVE student loan repayment plan. Here's how to transition to another income-based plan.

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