Consolidation not enough to lower your monthly student loan payments?

If you have tens of thousands of dollars in federal loans there is no question that consolidation will help you lower your monthly payments. When you consolidate your loans you roll all of your individual loans into one. This means you only have to worry about making payments to one lender. Consolidation also extends the life of your loans so that your monthly payments are significantly lower. However, for some people consolidation might not be enough to get your monthly payments where you need them to be.
If you are in this situation you may want to consider applying for an income-based repayment plan. Income-based repayment (IBR) is a new payment option for federal student loans. It helps borrowers keep their loan payments affordable with payment caps based of income and family size. Generally loan payments are less than 10% or the borrowers income. The best part is that if you still have a loan balance after 25 years of payments the debt will be forgiven.
This plan is geared towards students with a significant amount of debt and a low income. This includes people with debt from debt from an undergraduate degree and grad school. This plan has become especially popular with people graduating from medical school and law school because they tend to have very expensive degrees.
IBR is not for everyone. In some cases consolidation may be enough to get your loan payment to a manageable place. However, if you are at risk of missing loan payments IBR is something to consider.
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