Millions of Americans are expected to add hundreds of dollars to their monthly expenses when student loan repayments resume this fall. While some could use a one-year on-ramp period proposed by the Biden administration to ease into repayment, others could explore how to modify their loans and potentially reduce their debt. Here's a look into how borrowers might restructure their loans. Should you refinance or consolidate? There are several steps a borrower should take before deciding whether they should restructure the loans, including knowing the exact loan type, how much they owe, and whether they already qualify for an Education Department income-driven repayment (IDR) p
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