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Anastasiia Krivenok | Moment | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
With many federal student loan borrowers<\/a> struggling to repay their debt, consumer advocates\u00a0and financial advisors\u00a0say it\u2019s crucial that consumers know about the U.S. Department of Education\u2019s affordable repayment plans<\/a> and forgiveness programs<\/a>. <\/p>\n Unfortunately, some don\u2019t.<\/p>\n \u201cMany borrowers end up paying more than necessary simply because they aren\u2019t aware of the full range of relief options available to them,\u201d said\u00a0certified financial planner K.C. Smith, managing associate at Henssler Financial in Kennesaw, Georgia, which ranked No. 46 on CNBC\u2019s Financial Advisor 100<\/a> list for 2025.<\/p>\n Indeed, 15% of federal student loan borrowers said they have heard \u201cnothing at all\u201d about the government\u2019s income-based repayment plans, according to a new survey<\/a> by The Institute for College Access & Success, a nonprofit that advocates for college affordability. Nearly a quarter of borrowers, or 23%, said they didn\u2019t know about the Public Service Loan Forgiveness program, and 47% of borrowers were not aware of a\u00a0program<\/a>\u00a0that cancels loans for certain disabled borrowers<\/a>. <\/p>\n The survey, conducted in September, is based on responses from more than 1,000 self-identified federal student loan borrowers. <\/p>\n<\/div>\n