 TITLE: How to Prepare for Student Loan Payments to Resume Soon CONTENT: What to Do if You Can't Afford Your Student Loan Payments\n---------------------------------------------------------\nWhile many student loan borrowers have managed to get back on their feet financially since the economy was hit hard by the pandemic, others may still be experiencing financial hardship.\nIf you believe you might still have trouble paying your student loans once the federal student loan payment pause ends, here are some potential solutions:\n*   **Request forbearance or deferment.** The federal government offers forbearance and deferment for people experiencing financial difficulties. Your options may depend on your situation, so contact your student loan servicer directly for more information.  \n*   **Get on an income-driven repayment plan.** The Department of Education offers four different income-driven repayment plans, all of which can reduce your monthly payment to 10% to 20% of your discretionary income. That way, you don't have to worry about the end of a forbearance plan creeping up on you and being right back where you started. Income-driven repayment plans also extend your repayment plan up to 20 or 25 years, after which any remaining balance is forgiven.\nThese options can provide immediate relief and potentially help you get to where you need to be financially to continue paying down your student loan debt.\nStudent loan refinancing can be another way to reduce your monthly payments, but private lenders typically don't offer income-driven repayment plans, and their forbearance options are often less generous than what the federal government provides. END