{"id":3155,"date":"2018-01-09T13:04:17","date_gmt":"2018-01-09T18:04:17","guid":{"rendered":"https:\/\/www.afcpe.org\/?p=3155"},"modified":"2019-04-23T15:44:09","modified_gmt":"2019-04-23T19:44:09","slug":"on-the-road-to-zero-strategy-is-key","status":"publish","type":"post","link":"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/","title":{"rendered":"On the Road to Zero, Strategy is Key"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3155\" class=\"elementor elementor-3155 elementor-bc-flex-widget\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-top-section elementor-element elementor-element-6b409d1a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-eae-slider=\"56273\" data-id=\"6b409d1a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-30a9a6fd\" data-eae-slider=\"83539\" data-id=\"30a9a6fd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"has_eae_slider elementor-section elementor-inner-section elementor-element elementor-element-54103bc2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-eae-slider=\"34303\" data-id=\"54103bc2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-66 elementor-inner-column elementor-element elementor-element-2d95265\" data-eae-slider=\"45498\" data-id=\"2d95265\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75e01c9b elementor-widget elementor-widget-text-editor\" data-id=\"75e01c9b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The road to zero \u2013 the path you\u2019ll take to pay your federal student loans down to zero \u2013 takes strategy and planning. \u00a0To create a successful strategy, you will need to reflect on your personal, professional and financial goals as well as your current financial situation.<\/p><p>While it may seem overwhelming to get started, the steps below will walk you through what you need to know and guide you in creating a loan repayment strategy that works for you.<\/p><p><strong>1.<\/strong><strong>Know What You Owe<\/strong><\/p><p>Before you can begin thinking about repayment options, you must first understand what you owe.\u00a0 Retrieve your federal loan information online at the\u00a0<a href=\"https:\/\/www.nslds.ed.gov\/\">National Student Loan Data System<\/a>\u00a0(NSLDS), which is the U.S. Department of Education\u2019s database for federal student aid. Pay attention to the types of loans you have, how much you owe on them and who will be servicing each of your loans. You may also have other debt\u2014private education loans, credit cards, mortgage, etc.\u2014that should also be considered as you make strategic decisions about your repayment plan.<\/p><p><strong>2.<\/strong><strong>Understand Your Options<\/strong><\/p><p>Now that you\u2019re aware of your outstanding debt, it\u2019s time to talk options. Federal loan borrowers have a number of repayment plans available to them.\u00a0 Choosing the right plan can have a long-term effect on your overall financial wellness, so it\u2019s worth taking the time to compare all of your options. Some may require a higher monthly payment amount over shorter repayment term while others offer you the flexibility of lower monthly payments over a longer period of time (along with loan forgiveness).\u00a0<\/p><p>Debt-driven repayment plans calculate your monthly payment based on your total student loan debt, the interest rate on your loans and the length of your repayment term while income-driven repayment plans calculate that monthly payment based on your income, family size and state of residency. \u00a0<br \/><br \/>For more detailed information about the most common federal student loan repayment plans\u2014including eligible loan types, eligibility requirements, repayment timeframes and more\u2014download the\u00a0<a href=\"https:\/\/www.accesslex.org\/federal-loan-repayment-plan-summary\">Federal \u00a0Loan Repayment Plans at a Glance<\/a>\u00a0from AccessLex institute, a nonprofit organization.\u00a0<\/p><p><strong>3.<\/strong><strong>Define Your Strategy<\/strong><\/p><p>Now that you have a solid understanding of your student loan debt and the options available, it\u2019s time to create a repayment strategy that works for you. You may have borrowed the same amount as the person sitting next to you, but your repayment strategy will probably be different given your personal, professional and financial goals.<\/p><p>Start by asking yourself the following questions:\u00a0<\/p><ul><li>What types of student loans do you have? And when did you borrow those loans? \u2013 Some repayment plans are only available for specific types of loans borrowed at a specific time.<\/li><li>Are you married or planning to get married in the next few years? \u2013 With some of the income-driven repayment plans, your tax filing status can affect how your monthly payment is calculated and whether your spouse\u2019s income and education debt is considered.<\/li><li>What are your career plans? \u2013 You may have additional options if you are considering public service work.<\/li><li>What helps you sleep at night? \u2013 Are you debt-averse and want to pay off your loans in a short period of time? Are you worried that you won\u2019t be able to afford your monthly payment?<\/li><\/ul><p>The answers to these questions will help to guide you toward a repayment plan and strategy that works for you, your current situation and your future financial goals. \u00a0Don\u2019t forget to do the math and use a\u00a0<a href=\"https:\/\/www.accesslex.org\/student-loan-calculator#\/\">loan repayment calculator<\/a>\u00a0for a complete picture of your repayment commitment and to see how those payments fit into your monthly budget.\u00a0<\/p><p><strong>4.<\/strong><strong>Set Yourself Up for Success<\/strong><\/p><p>Regardless of which repayment plan you start with, remember you have choices.\u00a0 Once you begin making payments, you don\u2019t have to stay in the same repayment plan until your loans are paid off; you can actually change your repayment plan once a year if you\u2019d like.<\/p><p>To ensure that you are setting yourself up for future success, review your repayment choices at strategic points along the way\u2014such as with a change in job, salary, relationship status and\/or family size. \u00a0At the very least, you should review your repayment strategy each year to make sure you are still on track to achieve your financial goals. If you\u2019re not, consider your options and determine if you can get back on track with a different repayment plan. \u00a0<br \/><br \/><em><strong>What is your strategy on your road to zero?<\/strong><\/em><\/p><p><strong>Guest Contributor:\u00a0<\/strong>Jennifer M. Schott, AFC<sup>\u00ae<\/sup><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"has_eae_slider elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-e9afdfa\" data-eae-slider=\"83156\" data-id=\"e9afdfa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29c8dbfe elementor-widget elementor-widget-image-gallery\" data-id=\"29c8dbfe\" data-element_type=\"widget\" data-widget_type=\"image-gallery.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-image-gallery\">\n\t\t\t\n<a data-elementor-open-lightbox=\"no\" href='https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg'><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"1200\" src=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg 800w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator-200x300.jpg 200w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator-768x1152.jpg 768w, https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator-683x1024.jpg 683w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-238948ce elementor-widget elementor-widget-text-editor\" data-id=\"238948ce\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><span style=\"color: #5d89b3;\">January 09, 2018<\/span><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The road to zero \u2013 the path you\u2019ll take to pay your federal student loans down to zero \u2013 takes strategy and planning. \u00a0To create a successful strategy, you will need to reflect on your personal, professional and financial goals as well as your current financial situation. While it may seem overwhelming to get started, the steps below will walk [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_cbd_carousel_blocks":"[]","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[40],"tags":[],"class_list":["post-3155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>On the Road to Zero, Strategy is Key - AFCPE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On the Road to Zero, Strategy is Key - AFCPE\" \/>\n<meta property=\"og:description\" content=\"The road to zero \u2013 the path you\u2019ll take to pay your federal student loans down to zero \u2013 takes strategy and planning. \u00a0To create a successful strategy, you will need to reflect on your personal, professional and financial goals as well as your current financial situation. While it may seem overwhelming to get started, the steps below will walk [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/\" \/>\n<meta property=\"og:site_name\" content=\"AFCPE\" \/>\n<meta property=\"article:published_time\" content=\"2018-01-09T18:04:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T19:44:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rachael Deleon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rachael Deleon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/\",\"url\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/\",\"name\":\"On the Road to Zero, Strategy is Key - AFCPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.afcpe.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg\",\"datePublished\":\"2018-01-09T18:04:17+00:00\",\"dateModified\":\"2019-04-23T19:44:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.afcpe.org\/#\/schema\/person\/ccae601ec179bf73fabbf4b3c6f688f8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/#primaryimage\",\"url\":\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg\",\"contentUrl\":\"https:\/\/www.afcpe.org\/wp-content\/uploads\/2018\/10\/calculator.jpg\",\"width\":800,\"height\":1200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.afcpe.org\/news-and-publications\/blog\/on-the-road-to-zero-strategy-is-key\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.afcpe.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"On the Road to Zero, Strategy is Key\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.afcpe.org\/#website\",\"url\":\"https:\/\/www.afcpe.org\/\",\"name\":\"AFCPE\",\"description\":\"Association for Financial Counseling &amp; 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