If you haven’t started saving, here’s a list of reminders and strategies to consider as the years go by

Perks, Pitfalls of Simplifying Student Loan Repayment

Enrolling all borrowers in income-based repayment plans would reduce student loan defaults, experts say.

If you haven’t started saving, here’s a list of reminders and strategies to consider as the years go by

Interest rates on student loans have seen many changes over the last decade and a half.

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Settling on one repayment plan for all students may seem simple on the surface, but it isn't practical, says Pam Rambo, owner of Rambo Research and Consulting, a college admissions and financial aid advising firm.

"Government 'enhancements' to financial aid often sound good, but do not always turn out well," says Rambo, who spent eight years as the director of financial aid at Thomas Nelson Community College in Virginia.

Universal income-based repayment would add time and, in turn, interest to students' loans. It also would not take into account a student's full financial picture, she says. Students living with their parents after graduation may be able to pay more than what the plan would require because they don't have to deal with sky-high rents or hefty mortgage payments.

"Different loan repayment options were created in recognition of the fact that student circumstances are different," she says. "That was a great idea. We should keep it."

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