Any other plan?

Question

I’m looking into consolidating my student loans but I’m nervous about being stuck with one general payment plan. Do I have any other options?

Answer 1

There is no need to be nervous. When you consolidate your student loans you have an option of choosing the payment plan that is right for you.

Payment plans include:

**Standard Repayment
You pay the same amount each month for the life of the loan

**Graduated 2-year Repayment
For the first two years your monthly payments are lowered and then they slightly increase for the remaining of the life of the loan

**Graduated 5-year Repayment
For the first two years your monthly payments are lowered, they increase slightly for three years thereafter, and after five years are increased slightly more

**Income-sensitive Repayment
Monthly payments are based on you income.

As you could see there are several options set up to help you.

And if you ever ran into a time in which you were unable to make payments, you could go into forbearance. Forbearance allows you to suspend your payments on you loans for up to 36 months.

Take a look on this website. It should answer anymore questions or concerns you may have.

www.studentaidlending.com

Answer 2

Student's Loan are granted for the studies and normally the repayment begins when u r getting the job,after completing the studies, Other than this general repayments u can even pay in a lump sum when ever u get the money but the schedule repayment should not be stopped.

THANKS