The student loan is a condition of credit. You can sign the Master of the bond that forges a legal agreement between you and the lender. But there are several ways to pay for what you have, even if he is late.
Getting a student loan is certainly a great responsibility. However, many students is their only option really afford college. And this sort of forced their responsibilities, many students trapped in a mixture of knowing that they have a real choice when it comes to how they can pay their student loans.
We hope that by the time you read this, you can know all the repayment options and a much better idea, one that fits better. Use it as a general guide for the repayment options. Discover what opportunities are available to you and choose one that suits you.
Standard Repayment Plan
This is the repayment plan offered by your lender. You make payments for up to ten years. Your monthly payments are higher than in other plans, but your total payments are lower because you pay less interest.
Graduated repayment plan
Under a graduated plan, payments start to increase low and during the repayment period - usually every two years. It is a good option if your income is low when you graduate, but will increase quickly.
Extended Repayment Plan
A plan of extension allows you to stretch your repayment over a period of up to 25 years depending on the amount of your loan. To be eligible for this plan, you must have an outstanding loan of over $ 30,000. You can plan an extension of the graduated payments, which will lower your payments even further but will increase even more global investment.
Income-Based Repayment Plan
If your income is low or unstable, an "income-based" or "income-sensitive" repayment plan may be good for you. As your income increases or decreases, so do your monthly payments. The payment amount is redesigned each year, depending on your annual income, household size and the amount of the loan.
Which plan is available depends on the type of loan you have.
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