What student loan repayment options are there?
There are actually several you can choose from depending on your financial situation. You have to familiarize yourself on these available options so that you can choose the right plan for you to successfully pay off your debts.
What are these student loan repayment plans?
1. Extended payment. Most repayment plans are for 10 years however if you owe more than $30,000 you can pay off your debt for up to 25 years on graduated or a standard payment method. Since you're extending your loan term, your monthly payments are lower but you pay a higher interest over time.
2. Standard payment. You're automatically assigned to this payment schedule however you are allowed 45 to 180 days to switch to another plan if necessary. Because this plan requires payment within ten years, it has the highest monthly payments but then you'll end up paying less on your overall loan.
3. Graduated payment. This payment starts out low and gradually increases every 2 years. This is for borrowers starting out in their careers and who are more likely to increase their income over time.
4. Income Sensitive Repayment. Your payments are calculated according to your gross monthly income and the term is up to 10 years.
5. Income Contingent Repayment. If you are a direct loan holder, this is an option for you where your payments are calculated according to how much you owe and your income. Your payment increases along with your income however it shouldn't be higher than 20% of the poverty level. The tern is up to 25 years but if the loan isn't paid off within this timeframe, it will be discharged.
How do you know which of these plans suit you?
First, consult your budget and choose which student repayment plan is affordable for you. As long as you can afford it, it's always better to opt for a plan with the least amount of interest over your loan.
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What student loan repayment options are there? There are actually several you can choose from depending on your financial situation. You hav...
Student Loan Repayment Options
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