I am about to enter repayment of my SL, and just applied for the Income Contingent Repayment plan on my loans. They are requiring 10% of my gross monthly income as payment under this plan. My question is, how can I get it lower than that? I really can't afford the 10%. In case you were wondering, it was either 10% to cover the interest charges, or another forbearance, which I just didn't want to do. Any suggestions?

Erica - what is the repayment period for your loan? Can you select a program to stretch that out? Have you consolidated? Does your lender offer interest only up front, then repay principal later type thing? Definitely get in touch with your lender/servicer and ask them what other options they might have to help you lower your pmt.

I know I consolidated my loans to lock in a low rate, then selected an extended repayment period (20 yrs, which I could do coz I have like $35k in loans). Then I selected an option where I pay interest only for 4 yrs, with the amt steadily increasing over the life of the loan. Got my mthly pmts down to like $115 or something. I pay more now, but in lean months at least I know I don't have to.