Pick A Plan, Any Plan | 01.26.07
The Student Loan Network offers four ways to repay your student loan debt. Each one fits a slightly different financial situation, so you need to think seriously about what you can afford when you pick a repayment plan. It is our job at the Student Loan Network to ease your nerves as well as your pocketbook when thinking about making those student loan payments. Listed below are the details on the following plans that are available once you consolidate your loans through the Student Loan Network.
The Standard Repayment Plan is when the borrower pays the same amount each month for the life of the loan. This is your best option for paying the least amount of interest back. Your loans are initially set up for a Level Repayment Plan. It is recommended that you continue with the Level Repayment Plan if youÃ¢â‚¬â„¢re able to make your monthly payments. Again, this is because it is the lease expensive plan in the long run.
Another Repayment Plan is a Graduated Plan. The Graduate Plan offers a lower, more affordable monthly payment in the early months of repayment and higher payments later in the repayment term. Your loan is repaid in the same time frame as the Standard Plan. It is the total interest costs that are slightly higher than the Standard Repayment plan.
The Income Sensitive Plan is when the monthly payment amount is adjusted annually, based on the borrowers expected total monthly gross income from employment and other sources during the course of repayment. This is the most flexible plan, but it can be the most expensive in the long run, and you must reapply annually.
There may be times when you have some difficulty making your monthly loan payments. If you find yourself in this situation, you may be eligible for a student loan deferment or student loan forbearance. Deferments and forbearances are for those times when you run into short-term financial difficulties. For more information on this please contact your lender or the Student Loan Network.
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