Most federal student loan programs offer a grace period of between six and nine months after graduation before your repayment period begins. How to repay student loans? We post this article to help you.
How to repay student loans:
- Dig up all the paperwork related to your loan, including the promissory note you signed at the beginning. Ask your parents, if needed.
- Log onto the National Student Loan Data System. By entering in some personal information and your Department of Education PIN number, you can access a list of what you owe on all your federal student loans.
- Contact your university's financial-aid office.
Repayment plan:
- Standard repayment. Standard repayment plan expects you to pay a fixed amount, at least $50, each month. You'll also have up to 10 years to pay off the loan.
- Extended repayment. You'll pay a set amount each month, but you'll have longer to pay off the debt: between 12 and 30 years, depending on how much you owe.
- Graduated repayment. The graduated repayment plan mirrors that expected salary life cycle. You'll start off making small payments in the first few years after graduation, then work up to larger monthly payments.
- Income-contingent/income-sensitive repayment. Each year, you can have your monthly payments adjusted to an affordable level, an amount calculated using the adjusted gross income you reported on your tax return, your family size, your interest rate and the total amount you owe.
We hope this article can help you in student loans repay plans.
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