There are at least two U.S. Department of Education websites useful for paying off federal government loans. Very likely, one is sufficient. The two websites are:
REPAY Begin reading on page 12, PDF page 13). This website is presently a "working draft " and has been for quite a while. These website do not mention INCOME BASED REPAYMENT (IBR). See next item.
PAYING OFF COLLEGE LOANS INCOME BASED REPAYMENT PLAN
INCOME BASED REPAYMENT (IBR) is a new repayment plan for the major types of federal loans made to students. Under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size.
PAYING OFF COLLEGE LOANS ORDERING YOUR LOANS FOR EXTRA PAYMENT
IF FINANCIALLY ABLE, FIRST CONSIDER MAKING EXTRA PAYMENTS ON YOUR HIGH iNTEREST LOANS. Whenever you can afford to pay more than the required loan payment on a high-interest rate loan (usually credit card debt and private student loans), do so. For loans that require a monthly payment it may be necessary to write a separate check and send it with instructions to put the money toward the loan principal otherwise the lenders may apply the extra payment to a monthly payment. Make sure to verify that the lenders followed your instructions.
PAYING OFF COLLEGE LOANS LOAN CONSOLIDATION
KEEP IN TOUCH WITH YOU LENDERS. If you moved, contact your lenders. If your student loan has moved (that is, your loan provider has sold your loan to another lender), you may need to contact your new loan provider. The NATIONAL STUDENT LOAN DATA SYSTEM (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data.
PICK THE TERM OF YOUR FEDERALLY GUARANTEED STUDENT LOANS. With their relatively low interest rates and possible tax benefits, federally guaranteed student loans are begging to be as long term as possible. "Federally guaranteed student loans generally carry a ten-year term but there are typically other options as well, particularly" if you have consolidated. "Depending on your balance you may be able to spread payments over a period as long as 30 years. With graduated plans, your payments start out low and increase over time. There are also INCOME BASED REPAYMENT PLANS under which your payments rise with your pay. Our advise is to minimize your payments on government backed loans in order to step up your payments on higher cost credit cards and private loans.
TAX DEDUCTION FROM THE FEDERAL GOVERNMENT. The maximum deductible interest on a qualified student loan is $2,500 per return. This is not available if you are claimed as a dependent or if you file as married filing separately. There also is an income restriction but, with the way things are, you will be lucky if you earn enough to even get close to this income restriction.
Federal Direct Consolidation Loans allow borrowers to refinance one or more of their Federal education loans into a new loan creating a single new loan with one monthly payment. The new loan will have a fixed interest rate, new terms, and may have an extended repayment period of up to 30 years. See SHOULD I CONSOLIDATE? and other Borrower Info.
The website loanconsolidation.ed.gov explains consolidation.LOAN CONSOLIDATION for all your student loans payments is a possibility. Check out LOAN CONSOLIDATION.
PAYING OFF COLLEGE LOANS WHAT IF UNABLE TO PAY OFF YOUR COLLEGE LOANS
SEEK STUDENT LOAN FORGIVENESS. Under certain circumstances, federal and state governments as well as some non-profit organizations will cancel all or part of an educational loan. This practice is called LOAN FORGIVENESS.
GOING BACK TO COLLEGE MAY DEFER YOUR LOAN. If you go back to college at least half-time, you may be able to defer your student loan for up to three years.
