Achieve Outlines Strategies for Struggling Student Loan Borrowers
Financial services company Achieve recommends income-driven repayment and forgiveness options for borrowers facing wage garnishment and inflation.
Federal student loan repayments resumed in September 2023, with involuntary collections following in May 2025. By 2026, some borrowers faced wage garnishment as a result of these policies, compounded by rising inflation.
Achieve, a financial services company, recommends that struggling borrowers contact their loan servicers to apply for income-driven repayment plans. These plans can reduce monthly payments to 10% of discretionary income or as low as $0. The company also suggests seeking deferment to stop interest accrual or forbearance, though interest continues to accumulate under the latter.
Borrowers are encouraged to research forgiveness options available for those employed in healthcare, teaching, or other non-profit sectors. While federal loans provide these protections, Achieve notes that private student loans generally do not, although some borrowers may find relief through direct negotiation with creditors.
