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Federal Student Loan Repayment Options
You have a choice of federal student loan repayment options, depending on the type of loan you have. We recommend that borrowers consult with their lenders to find out every option available for loan repayment. Very often borrowers may not be aware of the different repayment options and plans available to them.
Consider Federal Student Consolidation
Consider federal student loan consolidation, which can help to ease the repayment of the loan. Consolidation can stretch the repayment term from 10 years to a maximum of 30 years, making the monthly impact on your cash flow much lower.
Request Federal Consolidation Information »
Federal Stafford and Parent PLUS Repayment Plans
Federal Stafford Loans and Federal Parent PLUS loans offer very similar types of repayment plans. Plans are designed to help the borrower make regular monthly payments and avoid going into default.
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Standard repayment
This option requires you to pay a fixed amount each month based on your principle and interest but will be no less than $50 or the interest that has accrued.
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Graduated repayment
Graduated repayment allows you to make lower payments at the beginning of repayment then, over time, your payments begin to increase. Each of your payments must equal the interest accrued on the loan between scheduled payments and initial payments general cover interest only for the first few years.
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Income-based repayment
Monthly loan payments are based on a percentage of the borrower's monthly gross income. StaffordLoan.com offers an income-sensitive repayment plan.
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Extended Repayment
Extended Repayment provides eligible Federal Stafford, Federal PLUS and Alternative loan/Federal Consolidation loan borrowers with payment relief through a lengthened repayment term of up to 25 years.
Again, Consider Federal Student Consolidation
Consolidating your student loans can help to ease the repayment of the loan. Consolidation can stretch the repayment term from 10 years to a maximum of 30 years, making the monthly impact on your cash flow much lower. Click here to Consolidate your College Student Loans - A Federal Consolidation Loan Program Offer by the Student Loan Network
