Hello,

I was wondering if there are any services out there, outside of say hiring an accountant, to help me chose the student loan repayment program best for me. I’m currently single, but getting married this year and plan on starting a family at some point. My main concern is making sure I chose the program that makes the most financial sense for me and my fiance.

With all the different considerations with the various programs I feel like I really need to work directly with someone or a company to determine exactly what financial implications will come with each plan, and how I need to plan for the future.

Does anyone know of any services like this for student loan borrowers? I’ve tried looking at calculators and websites, but those are often leave me more confused than when I started.

Thank you,

Scott

I’m not sure…I certainly wouldn’t rely on calling the loan servicers because the call reps are often terrible and give conflicting information. In writing would be better, but they take so long to respond…

The way I see it, I’d say that the program with the lowest monthly payment would be best…why? because you can always pay more per month if you want, and you’ll only be required to pay the minimum if things get really bad for you. And if you make lots of money, pay as much as you can ASAP!

There are income based repayment programs for federal loans which are great, plus options to do a 10,20, 30 year repayment plan if you prefer. Obviously, the faster you pay back your loans, the less you’ll pay in the end interest-wise. Income based repayment plans also have forgiveness options as well. If you are getting married, your spouse’s income will factor into how much you’ll have to pay per month if you are in one of the income based program, unless you file married filing separately (the new REPAYE program does not allow this though, so you’ll have to include both incomes)