I have to recertify for my payment and I realized I don't have any idea how this all works. I owe 4 loans totaling $46,000 and, based on what Aidvantage is telling me, I would need to pay about $1700 a month. That's more than my rent and not affordable. Also the website isn't giving me any other repayment options that would lower my monthly payment. I was hoping for the extended graduated repayment plan and to pay extra whenever possible. I am beyond confused and don't know how to navigate any of this. How can I reduce my monthly payment?
Very confused about all things repayment
byu/boomboompout inStudentLoans
Posted by boomboompout
2 Comments
Go to the FSA website, log in and use the repayment calculators to see what payments should be for different plans.
You need to go to studentaid.gov to look at repayment options. Not the aidvantage website. You can use the loan repayment simulator to get an idea. It’ll pop out a “recommended” plan but you can view all plans just below. That monthly payment amount definitely sounds wrong. I owe slightly more than you and I think even my standard repayment amount is around $600-700/month.