|
Level Repayment Schedule - The monthly installment amount remains the same throughout repayment, although small changes in the monthly installment amount may occur for loans with a variable interest rate if the annual interest rate increases.
See what your estimated level repayment amount will be.
Now, see if this amount will fit into your monthly budget.
If this installment amount does not fit into your budget, call your lenders or servicer to get estimates for the following repayment alternatives:
Graduated Repayment Schedule - This repayment schedule is designed knowing that borrowers should make more money as they progress in their careers. Payments are initially lower and then increase later in the repayment schedule.
Income Sensitive Repayment -This is the most flexible plan, but it can be the most expensive in the long run, and you must reapply annually. The monthly payment amount will be established based on your gross monthly income and student loan debt.
You provide your lender/servicer with information about your total gross monthly income received from all sources. Your income information cannot be more than 90 days old. If married, do not include your spouse's income.
If the student loan repayment options above do not fit into your budget, contact your lender or servicer to see if you qualify for the 25 Year Extended Repayment Plan.
25 Year Extended Repayment - Your current loan balance must be at least $30,000.00. Your first loan must have been disbursed on or after Oct. 7, 1998. You can request this schedule to either be set up on a Level or Graduated Repayment plan, if you qualify.
|