Most people will have some type of debt in their lifetime: student loan debt, debt from buying a car or home, credit card debt, and more. Some amount of debt is okay and might be an investment in our future (such as home ownership or having a small amount of student loan debt), whereas other types of debts can hold us back from achieving our goals, and can be quite stressful.
Managing debt is a way of creating a plan to pay back debt over time, and work towards having more financial stability. Check out the below resources to learn about debt. Speak with a trusted financial counselor if you need help putting together a debt management plan.
Note: Repayment Programs may change based on state or federal government policies. Always refer to your lender to review the most updated loan repayment options.
Student Loan Repayment Information
Navigating student loan repayment can feel overwhelming, but you’re not alone. Whether you’re just entering repayment or exploring forgiveness options, these resources can help you make informed decisions and take control of your financial future.
Key Repayment Topics
To explore all your federal student loan management options, including repayment, forgiveness, deferment, and consolidation, visit the ‘Manage Loans’ hub on StudentAid.gov.
- Repayment Plans: Learn about standard, graduated, extended, and income-driven repayment plans through the U.S. Government Federal Student Aid Office.
- Loan Forgiveness & Cancellation: Explore eligibility for Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and other discharge options.
- Grace Periods & Deferment: Understand when repayment begins and how to postpone payments if needed.
- Loan Consolidation: Discover how combining loans can simplify repayment, but also what to consider before consolidating.
State & Federal Student Loan Resources
- (CA) Student Loan Deferment
- (CA) Financial Aid Programs | California Student Aid Commission
- (CA) Student Loan Consolidation | Federal Student Aid
- (CA) Student Loan Forgiveness | Federal Student Aid
- (UT) Utah Scholarships and Aid Programs
Many states offer their own loan programs, grants, and repayment support. Explore your options:
- State-by-State Financial Aid Programs
- California Student Loan Programs
- Utah Student Loan Programs
- Federal Student Aid Overview
Students should always refer to their loan lender, whether federal, state, or private, to review available repayment plans and eligibility. If your loan is from a private lender (such as a bank or credit union), repayment options and forgiveness programs may differ. Contact your loan lender directly to discuss available repayment plans, deferment, or refinancing options.
Best Practice: Other Types of Loans
- Auto Loans: Auto loans are used to finance the purchase of a vehicle. They typically involve fixed monthly payments over a set term, with interest rates based on your credit score and the lender’s policies. Understanding loan length, down payment requirements, and total interest paid can help you choose the most affordable option.
- Mortgages: Mortgages are long-term loans designed for purchasing property. They come in various forms, such as fixed-rate or adjustable-rate, and often require a significant upfront investment. Knowing how interest rates, loan terms, and escrow accounts work can empower you to select a mortgage that aligns with your financial goals.
- Payday Loans: Payday loans are short-term, high-interest loans intended to cover emergency expenses until your next paycheck. While they may offer quick access to cash, they often come with steep fees and can lead to a cycle of debt. It’s important to understand the risks and explore alternatives before committing to this type of loan.
- Understanding Debt Collection: If you fall behind on loan payments, your account may be sent to collections. Debt collectors are third-party agencies tasked with recovering unpaid debts. Knowing your rights under the Fair Debt Collection Practices Act (FDCPA) can help you navigate these interactions and protect yourself from harassment or misinformation.
- National Foundation for Credit Counseling: The NFCC offers free and low-cost services to help individuals manage debt, improve credit, and understand their financial options. Whether you’re struggling with loan payments or simply want to build better financial habits, the NFCC can be a valuable resource for personalized guidance and support.