How will switching my repayment plan help?
Switching your repayment plan could lower your monthly payment and in some cases also provide you with partial loan forgiveness options. In order to see what repayment options you can qualify for, please check out our Reassess tool. You can also check out our article breaking down the pros and cons of repayment plans.
Reassess empowers Federal Student loan borrowers to make smarter decisions about their alternative repayment options. By personalizing calculations to a borrower’s unique circumstance, It simplifies the eligibility requirements for all government-sponsored repayment plans, so you can save time and money. In moments, you can easily compare plans and switch to the right plan for you.
This can be done in three easy steps:
- Add your federal loan information. We recommend that you do this by syncing your loans automatically. [link to the article On Reassess, what are the advantages of syncing my loans automatically?]
- Compare Plans: Check out all the eligible repayment plans that could save you money.
- Apply for the plan that best fits your financial needs
Keep in mind that the American Rescue Plan Act of 2021 was signed into law on March 11, 2021 and caused some changes to certain repayment plans. Section 9675 of the bill includes a provision to make any student loan forgiveness passed between December 31, 2020 and January 1, 2026 tax-free.
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