Can I Switch My Student Loan Repayment Plan?

Can you switch student loan repayment plans?

Flickr user Sam Breach

Things change. What you started with might not be ideal for the situation you’re in now. This is true for life and for student loans. When you take out a student loan, you’ll agree to a certain type of repayment plan. However, as time goes on you might find that a particular plan doesn’t work for you anymore. Can you switch student loan repayment plans?

Federal Student Loan Repayment Plans

There are a number of federal repayment plan options—Standard, Graduated, Extended, Income-Based, and more. If you find yourself wanting to change, we have good news—you can! And for free! Believe it or not, federal repayment plans are relatively flexible.

Simply contact your student loan servicer and chat with them about your options. It helps to do plenty of research beforehand, so you go in prepared.

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Private Student Loan Repayment Plans

Private loans are another story entirely. Their plans tend to be much more rigid. There are fewer repayment options to choose from, and trying to switch your student loan repayment plan after signing can cause some headaches. It is possible in some circumstances, depending on the lenders themselves.

If you’re struggling to make monthly payments, it can be helpful to get into contact with your lender and discuss your options. Refinancing might be a possibility. Just be sure to do plenty of research.

Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side!



Lender Rates (APR) Eligibility
Earnest company logo.
Variable APR: 1.74% - 7.99%*
Fixed APR: 2.74% - 7.99%*
Undergraduate and Graduate
Lendkey company logo.
Variable APR: 2.05% - 5.25%*
Fixed APR: 2.69% - 7.93%*
Undergraduate, Graduate, Parent PLUS
Credible company logo.
Variable APR: 1.86% - 8.14%*
Fixed APR: 2.15% - 8.73%*
Undergraduate and Graduate
Laurel road company logo.
Variable APR: 1.89% - 6.20%*
Fixed APR: 2.99% - 6.30%*
Undergraduate and Graduate
Commonbond company logo.
Variable APR: 4.60% - 8.25%*
Fixed APR: 4.49% - 7.74%*
Undergraduate, Graduate, Parent PLUS
Fixed APR: 4.44% - 8.48%*
Undergraduate, Graduate, Parent PLUS
VISIT ISL Education Lending
Variable APR: 2.94% - 4.99%*
Fixed APR: 2.99% - 5.09%*
Undergraduate and Graduate
VISIT College Ave
Variable APR: 1.86% - 6.01%*
Fixed APR: 2.73% - 5.99%*
Undergraduate and Graduate, Parent PLUS

*APR includes a 0.25% interest rate reduction for enrollment in automatic payments.

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