In doubt about which plan to take? A dedicated student loan advocate could provide you with additional information on the plans. - https://alumfinancial.com/

1. Understanding the Student
Loan Repayment Plans
https://studentloanfinancialanalysis.blogspot.com/2019/10/understanding-student-loan-repayment.html

2. Student loans act as subsidiaries in helping
students’ life run with ease in learning
institutions. Most loans are given by
commissions of higher learning after
approval probably by an act of parliament.
They can come from the federal
government or private lending institution.
Students are given loans to cater to their
academic costs as well as personal needs.

3. The repayment plans for these loans usually vary according to the set rules.
The plans dictate how much you will pay either monthly or annually and for
how long. The plans also vary in terms of the interest imposed on the
beneficiary of the loan. Although longer paying plans may seem stress-free,
keep in mind the fact that the more time you take to repay the loan, the higher
the interest you will pay. A dedicated student loan advocate could help you
understand the plans for a wise selection. Here are some of the plans
explained.

4. Standard Repayment plan includes
monthly repayments for 10 years.
Generally, the standard repayment plan
will make you pay less interest as
compared to extended and income-
driven plans. Standard repayment is
divided into standard/level and
graduated. Standard/level is where you
pay a constant amount each month for
10 years while in the graduated plan.

5. Extended repayment plans allow you to pay your loans for a period
of up to 25 years instead of 10. This could be the perfect plan for
you if you need lower monthly repayment amounts than standard
plans. The extended level is when you pay the same amount
monthly for the 25 years, while extended graduated is when your
payments start with a lower amount and increase every two years.
If you need a lower repayment now but are sure of making more
money in the future, this plan suits you.

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