If you have a federal student loan instead of a private loan, among other options, you may be eligible for an income-driven repayment plan. It is based on your income and family size, and your income can be as low as zero dollars per month.

You have to reapply each year, so your payment can go up based upon your income, but if you still owe at the end of 25 years, the remaining balance is forgiven.

You can find out more from your loan servicer, or if you are in default and need more help, you can hire our law firm to show you all of your options, including the income-driven plans.

J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization