Student loans

5 Ways to Get $0 Student Loan Payments

Here are 5 ways to get $0 student loan repayments.

Here’s what you need to know.

Student loans

With student loan payments set to resume after May 1, 2022, President Joe Biden may extend the student loan payment pause for an unprecedented fourth time. If that doesn’t happen, however, The Debt Collective – a collective of debtors fighting to cancel student loans – wants you to keep going. strike with your student loans. If federal student loan repayments resume after May 1, the Debt Collective is calling on all student borrowers to unite, strike collectively, and get student loan repayments of $0 a month” from the the safest way possible”.

Here are 5 ways to get $0 a month in student loan repayment, according to the Debt Collective:

1. Obtain Student Loan Cancellation through Borrower Defense Until Repayment

The first option for getting student loan payments of $0 per month is to file a Borrower Defense Claim Until Repayment. Borrower defense to repayment is available to student borrowers who have been misled by their college or university. Student loan borrowers who qualify could obtain partial or full forgiveness of their federal student loan. You can submit a application for the borrower’s defense of student loan repayment if the school you attended was at fault or if you can show that the school violated state law relating to your student loans or educational services supplied. You can file a borrower’s defense to repayment with the U.S. Department of Education and keep your student loans in administrative forbearance while you wait for a response.

(6 Major Changes to Student Loan Forgiveness)


2. Apply for a utility debt forgiveness

You can get student loan forgiveness through public service loan forgiveness. This is a federal program created to help student borrowers who work for a qualified public service or non-profit employer. (Do you qualify for $5 billion in student loan forgiveness?). To qualify, you’ll need to work full-time (at least 40 hours per week), enroll in an income-driven repayment plan, and make at least 120 monthly student loan payments. If you have previous student loan repayments that are not eligible for student loan forgiveness, you must complete a limited waiver. This will allow you to account for previously ineligible student loan payments, such as late or partial student loan payments or ineligible student loan payments.


3. Get an income-based repayment plan of $0 per month

Yes, it is possible to pay $0 per month on your student loans. How? ‘Or’ What? Sign up for an income-driven repayment plan if you’re having trouble repaying your federal student loan. The four main income-based reimbursement plans are Income-Based Reimbursement (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income Contingent Reimbursement (ICR). You can register with your student loan officer. Your monthly student loan payment will be based on your discretionary income and family size. Since this may have changed during the Covid-19 pandemic, now is a good time to update this information to determine your new monthly student loan payment. You can also get student loan forgiveness for your federal student loans through income-contingent repayment.

(Will repayment of student loans be postponed until 2023?)


4. Consider Student Loan Forbearance

The Debt Collective wants student borrowers to know that student loan forbearance is an option to pay $0 per month on your federal student loans. When student loan payments resume after May 1, the U.S. Department of Education wants to make sure student borrowers can transition to student loan payments smoothly. This is especially important for financially vulnerable borrowers who may be more likely to face delinquent or defaulted student loans. As such, for three months after the restart of student loan repayment, the Education Department is considering advising student loan servicers not to report any late payments to the credit bureaus. The Debt Collective encourages student borrowers to consider a student loan forbearance for three months (eg until August 2022) to defer student loan payments. It is important to note that the downside of forbearance is that interest will accrue on your federal student loans during this time. If you can’t afford to repay your student loan, it’s usually best to consider an income-driven repayment plan.

(Where Biden stands on student loan relief)


5. Stay in school

While staying in school can lead to increased student loan debt, staying in school also comes with student loan deferral. While you are a student, you will not be required to repay your student loan. The same goes for your federal student loans for six months after you graduate. However, for any unsubsidized federal student loans, interest will accrue on your student loans.

(Student loan cancellation reduced to $25,000 for borrowers).


Student loans: what you need to know

One or more of these options may work for your unique situation for getting $0 per month student loan repayments. Conversely, none of these options may work. If so, contact your student loan officer to determine your best available options. If you can’t get $0 a month for federal student loans, you can always lower your monthly payments. Above all, you should be aware that simply not paying your student loans is a bad strategy. If you are having financial difficulty, contact your student loan officer in advance. Similarly, not repaying your student loans in protest or because you think student loans are unfair will only hurt your credit score.

With student loan relief ending, be sure to assess your best options. Here are some popular ways borrowers repay their student loans:


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