A Guide to Student Loan Repayment Programs

Choosing a student loan repayment program might seem difficult with all of the options that you have in front of you. Here are a few of the available student loan repayment programs.

Standard Repayment

With the standard repayment program, you are going to make a fixed monthly payment for the life of the loan. They will take the amount of money that you borrow, add interest and then divide it by the number of months in the loan. 

Extended Repayment

This repayment option extends the life of the loan in order to give you more time to pay. This will have the effect of lowering your monthly payment as well.

Graduated Repayment

With the graduated repayment plan, you will start out with a low monthly payment. Over time, your payment is going to increase slowly.

Income-Based Repayment

With the income-based repayment plan, your monthly student loan payment is going to depend on how much money you make. The lender will evaluate how much disposable income you have and then make the payment a certain percentage of that amount. As your income increases, your payment is going to increase as well.

More Information

If you would like to find more information about student loan repayment plans, be sure to check out https://www.loan.com/student-loans/student-loan-repayment-plans.html.