Checklist #12 · Debt
Student Loan Repayment Strategy
Navigate the full landscape of federal student loan repayment options, forgiveness programs, and refinancing decisions — with clarity on what each choice costs over time.
26 action items~25 min to complete5 sections
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Know Your Loans
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Log in to StudentAid.gov and list every federal loanAction
List all private loans separately with lender, balance, and rateKey
Identify your loan types: subsidized, unsubsidized, PLUS, Graduate PLUS
Calculate your total monthly minimums and current payoff timeline
Note your income and family size — these determine IDR paymentsKey
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$37,718
Average federal student loan balance per borrower (2024)
43M
Americans with federal student loan debt
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Evaluate Federal Repayment Options
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Understand Standard Repayment: 10-year, fixed payments, highest total payment efficiency
Evaluate Income-Driven Repayment (IDR) plansKey
Use the StudentAid.gov Loan Simulator to compare plan costsAction
Determine if Graduated Repayment fits your income trajectory
Check extended repayment eligibility (balance over $30K)Watch out
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Assess Forgiveness Eligibility
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Check PSLF eligibility: government or qualifying non-profit employerKey
Submit PSLF Employment Certification Form annually — don't waitAction
Evaluate Teacher Loan Forgiveness if teaching in a low-income school
Understand that IDR forgiveness after 20–25 years is currently taxable incomeWatch out
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Private Loans & Refinancing
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Consider refinancing private loans to lower rate if credit and income qualify
Do NOT refinance federal loans into private without fully understanding what you're giving upWatch out
Federal refinancing only makes sense if you're ineligible for forgiveness and have high incomeKey
Compare refinance lenders: rate, term, forbearance options, cosigner releaseAction
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Execute Your Strategy
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Enroll in your chosen repayment plan and confirm your servicer processes it correctly
Set up autopay for a 0.25% interest rate reduction (federal loans)
Recertify your income annually for IDR plansWatch out
Revisit your strategy annually as income, family size, and forgiveness rules change