Student loan repayment is often a frustrating process, with the federal government charging a monthly interest rate that is only 2.5% on the average $1,250 in student loans.

But when you are paying down a $20,000 loan, you are effectively paying off $20 million in student loan debt. 

The federal government has a variety of options to help you get a loan repayment rate that works for you, whether that is a Direct Loan, Pay-As-You-Go (PAYG) program, or a student loan modification that lowers your monthly payment. 

A direct loan repayment plan pays off the full amount of the loan, so the borrower has no to pay down their debt.

Pay-as-you-go loans usually require borrowers to pay monthly installments, with a default rate of 4.75%. 

There are also other options available to help pay down student loans, such as an installment loan that can help you pay down your student loan balance as you work toward a loan modification. 

However, if you have student loans that you have already paid off, there is a way to make sure that you don’t pay off any of the outstanding balance in an installment plan that you can’t access on your credit report. 

Student loan repayment has become a big topic in recent years as interest rates have been rising, especially for new borrowers.

There are a number of ways that you might be able to keep up with student loan payments without having to resort to debt collection tactics.

If you have a Direct or Pay-For-Less loan that is on the federal level, there are options to make student loan repayments that will help you make the most out of your loan. 

There is no federal requirement that you pay off your loan within 30 days of your first paycheck. 

You may be able get your student loans forgiven for up to 60 days if you file a petition with the court, but if you are still delinquent, the court will determine whether or not you can make the payments. 

Some other loan forgiveness options are available to you if you need to make payments over time. 

Additionally, you may be eligible for a student loans refinancing program. 

If you are in default on your student debt, you can refinance your student debts using the Federal Direct Consolidation Loan Program (Direct Loan), which is available to borrowers with a Direct Consolidated Student Loan. 

Direct Consolidation loans are also available for students who have a student debt load that is $200,000 or more. 

Under this program, you pay a $10,000 down payment, and the remaining balance is forgiven if you repay the remaining loan within 10 years. 

Depending on the type of refinancing that you apply, the amount that you are refinancing may be lower than what you would pay in direct loan repayment. 

In addition, you will have a higher chance of being able to refinance the loan if you take advantage of other refinancing options available. 

With a loan refinancing, you also get to make your payments directly to the lender.

This can be beneficial if you cannot refinance because of the interest rate, but it may not be necessary if you pay your loan off within the next few years.

Here is what you need help with student loans and how you can get it.

Student Loan Repaying TipsThe federal student loan programs are funded by the Federal Reserve and are subject to the same rules and regulations that apply to any other form of debt.

The federal government requires that you maintain a current income and income-related payments on your federal student loans to make them eligible for loan forgiveness. 

It’s also important to keep in mind that the federal student debt programs are only available to students with federal student debts.

You must meet income and financial need to apply for and receive forgiveness of student loans from the federal program.

If you qualify for forgiveness of your student Loans, you’ll need to:Pay off all of your Federal Student Loans within 60 days of the date you filed your loan applications for the Federal Student Aid Act of 1965. 

Pay off your Federal Pell Grant, Perkins Loan, or Federal Perkins Loan within 30 months of the payment date of the Federal Pell Grants, Perkins Loans, or Perkins Loans to the first-time borrower. 

Get at least a $5,000 federal student credit check to the following federal credit bureaus:U.S. Department of Education. 

 Department of Housing and Urban Development. 

Department on Aging. 

U.N. Educational, Scientific and Cultural Organization (UNESCO). 

Department for International Development.

You can apply to the Federal Government Student Aid office to receive loan forgiveness if you meet income-based repayment requirements and meet other eligibility criteria.

There are three main ways that your federal loan may be forgiven, according to the Department of Labor. 

First, you must pay your Federal Stafford loan back in full by the date of payment.

Second, you need