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LendKey Launches Federal Student Loan Optimizer to Help Manage Federal Student Loan Debt

December 8, 2023

Young woman, recent graduate, working on a laptop, gazing, laptop

LendKey’s new federal student loan optimizer helps to manage federal student loan debt.

LendKey and Payitoff logos: A combination of the LendKey and Payitoff logos, representing their partnership

LendKey partners with Payitoff to help borrowers better manage their federal student loan debt

The average federal student loan borrower can save up to $240 per month


Managing federal student loan debt can feel overwhelming. Payments have resumed after three years of being paused due to the CARES Act. For some, just remembering who to pay can be confusing.

LendKey is here to help and has partnered with Payitoff, a leader in consumer debt guidance tools, to help navigate federal student loan payments. 

When federal student loan payments resumed, the government introduced new income-driven repayment plans to help borrowers repay their loans. The plans have various requirements for eligibility. Some of the eligibility includes what type of job a borrower has or how much money they make. There is a lot of read through, understand, and take into account, which can feel overwhelming.

That’s where the Payitoff tool can help. Federal loan borrowers can find who their loan servicer is, input their information including their personal situation like income, dependents, and other financial commitments to see personalized results of which income-based repayment plan is best for them. The process of linking and receiving results takes only minutes but the savings can be big! The average Payitoff user sees a savings of $240 per month on their federal student loans! That’s almost $2,500 savings per year! 

What makes the Payitoff tool so special is its ability to take a borrower’s unique situation into account. The tool is knowledgeable of all the government’s repayment plans and their requirements. This allows for an accurate match of what plans a borrower qualifies for. All the programs Payitoff suggests are government plans, so enrolling in a plan will not take away federal loan benefits or change eligibility for federal benefits.  

Using the federal loan optimizer is easy. If you know your loan servicer name, have it handy. If you’re not sure, Payitoff can help you locate it. Some other items to have available are your latest tax return, pay stub, or if you’re just starting a new job, an offer letter, and proof of unemployment benefits (if applicable). Borrowers will see all of the programs they are eligible for after inputting the necessary information. Once the borrower makes a selection, they can enroll in the federal repayment program directly from the Payitoff tool.  

Navigating federal student loan repayment can be challenging but not looking into the programs designed to help borrowers can cost borrowers and put an unnecessary burden on budgets. LendKey’s new federal loan optimizer tool powered by Payitoff, provides help and guidance to borrowers, specific to their situation. Understanding the various plans available and carefully considering options, borrowers can take significant steps toward managing federal student loan debt and finding financial freedom to achieve post-graduation goals. 

Please note that the information provided on this website is provided on a general basis and may not apply to your own specific individual needs, goals, financial position, experience, etc. LendKey does not guarantee that the information provided on any third-party website that LendKey offers a hyperlink to is up-to-date and accurate at the time you access it, and LendKey does not guarantee that information provided on such external websites (and this website) is best-suited for your particular circumstances. Therefore, you may want to consult with an expert (financial adviser, school financial aid office, etc.) before making financial decisions that may be discussed on this website.