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Federal student loan consolidation plans are applicable for all students whether or not you are nevertheless in school or a current graduate or already into your new profession.
If you are profitable in your student loan consolidation application, it will help you to lessen the student loan payment quantity every single month and/or enables you m...
If you are an American student or 1 studying in an American school, then you are eligible for federal student loan consolidation from the U.S government.
Federal student loan consolidation plans are applicable for all students no matter whether you are nevertheless in school or a latest graduate or currently into your new profession.
If you are successful in your student loan consolidation application, it will support you to lessen the student loan payment amount each month and/or enables you much more time to spend off your student loans.
If you presently have many student loans, it is less complicated if you use federal student loan consolidation to consolidate them into a single loan payment as a result making it easier to manage.
The Four Types Of Federal Student Loan Consolidation
The U.S government in a bid to attract more students to take up their student consolidation loans have come up with four plans to suit the different wants of students.
They are :
- Standard Student Loan Consolidation
The highest student loan period is ten years and the payment amount per month is fixed. This kind of plan is suitable for students who can afford to pay a fixed amount per month. The interest rate would not be a big element in huge student consolidation loans
- Extended Payment Program
This type of program is similar to regular student loan consolidation except it has a longer repayment period of among 15 to 30 years. The repayment period is dependent on the student loan amount.
- Graduated Payment Program
This type of program is suitable for students still schooling and can only repay the student loan when they have a job right after they graduated. The payment period is among 15 to 30 years. The payment amount per month usually starts low and enhance steadily every single two years. The intent is the as the student has worked for a longer period of time, their salary will boost accordingly and thus capable to pay a bigger repayment student loan.
- Revenue Contingent Payment Plan
This kind of plan is complex and is based on the students revenue level more than a period of years. It is also based on the familys annual gross income, other loan amounts owed, other assets, mortgages and so forth.
Most student generally choose graduated payment plan or the extended payment plan for their federal student loan consolidation. student debt consolidation
