Author: Lindsay VanSomeren / Source: Wise Bread

Student loans are a lifeline for college students without the means to foot the full bill for higher education. But the hardships begin when they graduate. For the Class of 2016, the average student loan borrower has more than $37,000 in student debt.
Juggling student loan payments with other bills can sometimes seem impossible if you’re making a low salary. Luckily, you do have options that can make your student loan payments easier to bear. Here’s what you can do.
Federal vs. private student loans
There are two broad types of student loans: federal and private. Federal student loans are the easiest to deal with. That’s because there are a number of programs designed to make your monthly payments more affordable.
Private student loans are much less flexible because it’s up to the individual lender to decide whether they want to help you or not. But as we’ll see below, you still have options if you’ve got private student loans.
Repayment options for federal student loan borrowers
If you have federal student loans, you could be eligible for one of these income-driven repayment programs:
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Income-Based Repayment (IBR)
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Pay As You Earn (PAYE)
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Revised Pay As You Earn (REPAYE)
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Income-Contingent Repayment (ICR)
These programs all require some hassle to set up and maintain with your loan servicer. Once in place, however, your monthly student loan payments can be lowered to 10-20 percent of your discretionary income for 20-25 years, after which they are forgiven.
The difference is in how you qualify for them and the particular details of the program. Some programs have certain income requirements and loan type requirements (yep, they are limited to even certain types of federal loans). Each program works slightly differently as well, in terms of how much you have to pay and for how long.
It sounds like a confusing web to navigate, and it is. But if you need your monthly student loan payment lowered for the long term and take the time to research the right federal student loan repayment program for you, it can make a world of difference for your financial health.
One important note: Refinancing is often touted as…
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