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Repayment Solutions

one need to clearly identify whether it is a direct federal loan or the loan lent by the private lender

Is your loan a federal or a private loan? Very often, it becomes difficult for the students to identify whether they have the federal or the private loan. The U.S. Department of Loan is certainly the biggest student loan lender, but at the same time, there are also various private lenders that are backed by the government. So, one need to clearly identify whether it is a direct federal loan or the loan lent by the private lender.

The next problem that is faced by many of the students is that they find the amount of monthly repayment too high. Again, if one has several loans, it becomes quite hectic to make several monthly repayments. Too many loan bills create much confusion and unnecessarily overburden the mind. Too many monthly loan bills and high repayment amounts can severely affect the financial balance as well as the mental balance of the students. However, there is nothing to worry as the experts at our company are well versed in finding out the best suitable repayment solutions. Whether one has several student loans or getting troubled due to the high amount of monthly repayments; the loan experts at our company can bring out considerable relief in every case.

There are several repayment options available for the student loans, and the experts here can get you the best possible available solutions. The repayment plans, such as the Standard Repayment, Extended Repayment, Graduated Repayment, Income Based Repayment (IBR), Income Contingent Repayment (ICR), and Income-sensitive Repayment Plan etc are some most popular payment options for student loan. However, it is necessary to know the eligibility criteria. All the payment options have different terms and conditions. But with the presence of the loan experts, there is nothing to worry as the experts at our company will take care of all your problems and help you to find the best payment options. Below is the brief idea about the different repayment solutions:

Standard Repayment

Under this plan, you can pay the fixed amount every month until you pay the loan amount in full. You can have 10 years to repay the loan with a sum of at least $ 50 each month.

Extended Repayment

This allows you to pay the fixed annual or graduated repayment amount within a period of 25 years. Again, the provisions may vary as per the FFEL borrower and the Direct Loan borrower.

Graduated Payment

Beginning the repayment with a low amount, the duration of this repayment option can be extended up to 10 years. However, the amount increases every two years.

Income Based Repayment (IBR)

Based on the income, the monthly repayment amount is capped under this payment option. Effective from July 01, 2009; this payment option is suitable for the salaried persons. The duration of this payment option is 25 years.

Income Contingent Repayment (ICR)

Available for Direct Loans, this payment alternative renders sufficient flexibility to make repayment without undergoing any financial hardship.

Income - sensitive Repayment Plan

This option is available only for FFEL Loans. The monthly repayment amount is fixed on the basis of the annual income, and the repayment period can be extended up to 10 years.

There are several repayment alternatives; however, it may be a little difficult task without the support of the experts. But that should not create any difficulty as the experts are at your close reach.

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