Core Insights - In the United States, approximately 43 million individuals hold student loan debt, amounting to over $1.8 trillion, which poses challenges for borrowers in achieving other financial objectives while managing loan repayments [2] Group 1: Repayment Plans - Federal student loans default to the Standard Repayment Plan unless another option is selected, which results in a 10-year repayment period based on the loan amount and interest rate [3] - Alternative repayment options can significantly reduce monthly payments, including: - Graduated Repayment Plan: Lower initial payments that increase every two years, with a 10-year payoff [5] - Extended Repayment Plan: Fixed or graduated payments over 25 years [5] - Income-Driven Repayment (IDR) Plan: Payments based on income and family size, often lower than other plans, with potential loan forgiveness after a set number of qualified payments [5] - Public Service Loan Forgiveness (PSLF): Loan forgiveness after 120 qualifying payments for those employed full-time by qualified government or nonprofit employers [5] Group 2: Financial Strategies - Extra cash, such as work bonuses or tax refunds, should be allocated towards retirement savings or student loan payments rather than increasing discretionary spending [4][6]