Student Loan Repayment Program Options

August 30, 2011

Student Loan Repayment Program Options

If you are looking for a great student loan repayment program, then you are in the right place as this aricle will list off many of the different repayment programs you can use to pay off your student loans. These programs will cater to whatever you can afford as well as range in different lengths of time in which you can repay your loans, which will be listed below. If by chance you can to this Student Loan Repayment Program page and were looking for student loan forgiveness programs, which are often times confused with repayment, click on the blue link that says “student loan forgiveness”.

Student Loan Repayment

 

Student Loan Repayment Program - 5 Different Options

  1. Level/Standard Student Loan Repayment Program – This option is the most used out of all of them, where you pay a monthly payment which starts as low as 50 dollars and it stays that way until your loans are fully paid off. These plans are usually set at a 10 year repayment period.
  2. Extened Student Loan Repayment Program – This plan is for those who are in a pinch financially and are looking for lower payments. Lower payments are available through this student loan repayment progam option because the length of repayment is extended from the regular 10 years to ranging from 12 years to up to 30 years with payments as low as 5 dollars.
  3. Graduated Student Loan Repayment Program – This option allows one to start off with lower payments in the beginning of loan repayment but increases every two years thereafter. This plan is set as a way for students to get their first job where pay will be a little lower, and as the get raises and better income opportunities, the payments will go up. These plans are generally set as well for 12 to 30 years.
  4. Income Contigent Student Loan Repayment Program - This option is has many similarities as the Graduate repayment progam being that it increases after a certain timeframe. This option allows one to start out by paying as low as 5 dollars if that is all your income permits and is fully based off 15 percent of your income. The great perk with this student loan repayment progam is that if your loans total above 50,000 dollars, you can pay your loan payments for 25 years, then after 25 years is up, whatever is left on your loan will be eliminated.
  5. Student Loan Forgiveness – This student loan repayment program method can provide you with student loan relief in the form of either a percentage off every year you work, or lump payments you can use towards your loan each year of service and can be utilized by working public service jobs, jobs where the area is low income or volunteer work.

Student Loan Repayment Program – Conclusion

Some loans are limited to the different student loan repayment program methods above as well as forgiveness programs. To learn about what is available to your particular situation, you should inquire about it through your student loan lender who can give you more information. Another way that you can check out is consolidation which can offer an extended student loan repayment program as well as grouping all of your loans into one lump loan payment.

Category: Student Loan Repayment

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