Student Loan Consolidation Benefits & Repayment Options

COLLEGE STUDENT LOAN REFINANCING OPTIONS....

• STANDARD REPAYMENT PLANS, where you make monthly payment plans on a fixed interest rate over a period of ten (10) years. 
• EXTENDED REPAYMENT PLANS, where your payments are less than payments under the Standard Repayment Plan, with repayment periods ranging from twelve (12) to thirty (30) years, depending on the total amount that you have borrowed.
• GRADUATED REPAYMENT PLAN, where your monthly payments increase every two (2) years.  Under this plan your repayment period varies from twelve (12) to thirty (30) years, depending on the total loan amount that is borrowed.
• INCOME CONTINGENT REPAYMENT PLAN, where your repayment plan is based on your annual income, family size, and total amount of loan debt.  Under this plan your payments are spread over twenty five (25) years.

Before you enter repayment, you will receive information about the four repayment plans listed above and will be asked to chose a plan that fits your needs the best.

The four different repayment plans listed above are available to borrowers of both Direct Subsidized and Unsubsidized Consolidation Loans. NOTE: Direct PLUS Student Loan borrowers may not choose the Income Contingent Repayment Plan.

Borrowers that consolidate more than one loan type (be them subsidized, unsubsidized, and PLUS loans), have only one Direct Consolidation Loan and will make only one payment each month. It is common for borrowers to choose only one repayment plan. However, borrowers who consolidate PLUS Loans (Parental Loans for Undergraduate Students) with other student loans may repay the PLUS portion of the consolidation loan under a different repayment plan.

Borrowers who decide not to choose a specific repayment plan are automatically assigned to the Standard Repayment Plan.  A good thing is that the borrowers have the option to change repayment plans at any time. If you want to get the lowest interest rate and lower your payments then refinance student loans.

Click here to go to our Student Loan Consolidation PART 3 page.

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