Managing Existing Loans
Managing existing student loan debt requires taking inventory of your federal loan servicers, cumulative principal balances, weighted interest rates, and available repayment plans. Whether you are navigating standard 10-year repayment, the new Repayment Assistance Plan (RAP), legacy IBR, or the sunsetting of SAVE and PAYE, understanding your total debt structure is essential to minimizing total interest costs and preventing default.
Review Repayment OptionsInterest Rate OptimizationRefinancing Student Loans
Refinancing private or federal student loans into a single private loan can yield significantly lower interest rates for qualified borrowers with strong credit scores and stable income. However, converting federal loans into private debt surrenders federal protections such as Public Service Loan Forgiveness (PSLF), income-driven monthly payment adjustments, and economic hardship deferments.
Read Refinancing GuideFederal IDR plans cap monthly payments based on discretionary income and family size. Under the One Big Beautiful Bill Act, new loans made post-July 1, 2026 use the Repayment Assistance Plan (RAP) with forgiveness after 30 years of qualifying payments. Legacy borrowers transitioning from closing plans can enroll in IBR or RAP.
Federal Direct Consolidation combines multiple federal student loans into a single direct loan with a weighted-average interest rate, preserving federal benefits. Private refinancing replaces federal or private loans with a new private loan, which may lower your interest rate but removes federal borrower safety nets.