 TITLE: Didn’t Get CARES Act Relief on Your Student Loans? Consider Refinancing CONTENT: Consider an Income-Driven Repayment Plan\n----------------------------------------\nIf you have federal student loans that aren't covered under the CARES Act or you think you'll need more relief after the CARES Act suspension period ends, consider applying for an income-driven repayment plan instead of refinancing.\nThe U.S. Department of Education's income-driven repayment plans reduce your monthly payment to between 10% and 20% of your discretionary income. They also extend your repayment term to 20 or 25 years, with the chance of forgiveness of your remaining balance once that period ends.\nTaking on an income-driven repayment plan will mean paying more interest over time, and any loan forgiveness you receive will be considered taxable income. But if you need relief now, it could provide more relief than refinancing because payments are based on your actual income.\nAlso, choosing an income-driven repayment plan doesn't rule out your option to refinance at a later time. On the flip side, you can't convert a private refinance loan back into a federal loan. END