Can You Change Student Loan Repayment Plans?

Change Student Loan Repayment Plans
Brazos Staff

BIG Ideas:

  • Changes in your income or expenses may prompt you to review your student loan repayment plan to ensure it still fits your budget and goals.
  • Federal student loans typically offer more options and flexibility when changing student loan repayment plans.
  • Private lenders usually won’t let you switch repayment plans, though you may be able to request hardship assistance or refinance with another lender.

Life is unpredictable, and so are your finances. A job loss, growing expenses, promotion, or other life change can affect your budget and long-term goals. If your current student loan payments no longer fit your situation, it may be time to revisit your repayment strategy.

The good news? You may be able to change your student loan repayment plan or find other forms of relief depending on the type of loan you have.

Let’s take a look.

Can You Change Student Loan Repayment Plans for Federal Loans?

The answer is, “YES!” In addition to increases or decreases in your income, there are other reasons to consider changing your student loan repayment plan:

  • Your expenses have increased/decreased – For example, medical expenses, rent increases, or car repairs may have strained your budget and made it difficult for you to afford your student loan payments. Or maybe your expenses have decreased, and you want to change your student loan repayment plan to pay off your loans sooner.
  • You seek Public Service Loan Forgiveness (PSLF) – Your existing repayment plan may not be eligible for PSLF. In that case, switching to an eligible income-driven student loan repayment plan may help ensure your payments count toward forgiveness. Doing so may lower your monthly payments while helping those payments count toward forgiveness.
  • You wish to consolidate federal student loans – If you consolidate federal student loans, you are essentially creating a new loan, which may require you to select a new student loan repayment plan. Consolidation may also provide access to different repayment options.

There’s also no limit to the number of times you can change your student loan repayment plan.

Understand The Types of Federal Student Loan Repayment Plans

Before we look at how you can change your student loan repayment plan, it’s important to understand the types of repayment plans available. The option you choose will impact:

  • Your monthly payment
  • The repayment term of your loan
  • Your total cost of borrowing, which includes interest.

Important note: Due to the One Big Beautiful Bill Act (OBBBA), repayment plan options may change for those who borrow after July 1, 2026. For this article, we’ll focus on the most common federal student loan repayment plans available today, which include:

  • Standard Repayment Plan – You make fixed (or 10-30 years for consolidation loans).
  • Graduated Repayment Plan – Your payments start lower and gradually increase to help you repay the loan in 10 years (or up to 30 years for consolidation loans).
  • Extended Repayment Plan – You’ll have more time to pay back your loan – up to 25 years.
  •  Income-Driven Repayment (IDR) Plans – Payments are based on your income and family size. If you’re pursuing Public Service Loan Forgiveness (PSLF), enrolling in an IDR plan can help keep monthly payments manageable while you work toward forgiveness eligibility.

How to Change Student Loan Repayment Plans for Federal Student Loans

Here are the steps you must take to change your student loan repayment plan, though they may vary depending on the servicer of your student loan:

  1. Log in to your student loan account – You can access it on your servicer’s website.
  2. Review your current student loan repayment plan – Understand your current plan and other available options.
  3. Calculate your monthly payments – You can use tools available from your servicer or the Loan Simulator at StudentAid.gov to estimate your payments and compare repayment options.
  4. Submit your request – Once you’ve determined the student loan repayment plan that works for you, you must apply for the plan. If you choose an income-driven repayment plan, you will have to submit proof of income and family size.
  5. Keep making payments – It may take a while for your servicer to approve your request. In the meantime, continue making payments under your old repayment plan until you are notified that the change has been made.

Important Things to Know About Changing Your Plan 

  • Understand that the longer the repayment term, the greater your total cost of borrowing.
  • If you are seeking Public Service Loan Forgiveness, make sure your new plan is eligible.
  • Know that the plan you choose will impact your monthly payments, the interest you pay over the life of the loan, and the length of your loan term.

Got it? Now, let’s look at how student loan repayment plan changes work for private student loans.

Can You Change Student Loan Repayment Plans on Private Loans?

Typically, private lenders won’t allow you to directly change student loan repayment plan terms on active loans. If you need assistance, consider taking the following steps:

  • Ask about hardship programs. If your income has declined or you’ve experienced a setback, such as job loss or health issues, you may be able to request help, such as forbearance or deferment. You could also request to make interest-only payments until you get back on your feet. Please check with your lender to determine if either of those options are offered and/or available to you. Just remember that taking these steps will result in paying more interest and extending your repayment term.
  • Consider refinancing your private loan. Refinancing pays off your current loan and replaces it with a new private loan that offers new terms, rates, and repayment options. However, refinancing can restart your loan term and may increase the total interest paid over time. To qualify, you’ll typically need strong credit or a creditworthy co-signer.

If you experience hardship on your loans, the most important step you can take is to contact your loan servicer or lender and let them know you need help. The last thing you want to do is ignore your payments, which will impact your credit and bright financial future.

Brazos Can Help You Manage Student Loan Repayment

For more than 40 years, Brazos Higher Education has helped students and parents finance the cost of college. As a Texas nonprofit, we offer competitive rates on refinance loans that can help you save money, reduce your payments, and meet your other goals. Contact us today to learn more.