You need to be renewed in the period of federal student loans repayment?
To reduce the level of debt repayment, your monthly payment if the interest rate and payment easier and more accessible. This allows the extra money for other needs: rent, utility bills, food, etc.
What are the options to pay the debt due for renewal?
Extended Payment Plan
This plan allows you to extend the period to 25 years and can opt to pay a monthly fee or studies, which means that the amount paid is in place to increase your income. One condition is that you have $ 30,000 or more in federal student loans repayment.
Income contingent repayment plan
This directly to borrowers and PLUS loans. Your monthly contributions will be reimbursed on the basis of:
• Earnings per year
• Spouses of income (if married)
• The size of your family
• The total amount of college debt
Under this plan, you pay 25 years and if after this time have not been able to get all your debts, the rest will be forgiven. The amount will be withdrawn as income is taken into account, so you have to pay income tax to get federal student loans repayment.
Repayment by income
Your share of the monthly payment is based on your income during a period of financial difficulties. This plan may be more than 10 years to repay, and if she is saying that the conditions for a period of time to meet their bills.
Debt Consolidation
Access of borrowers to use consolidation as a means of extending the federal student loans repayment. The period of 30 years and reduce monthly payments. If you consolidate when interest rates are low, you can lock in is at the lowest price is always at your college debts were passed everyone.