Here we let you know about some of the common ways of repaying a student loan:
1.The standard plan: It means just paying your minimum payment every month as planned. Taking the regular time and interests you knew from the beginning. This is obviously not an option for everyone in a current market where job placement is not guaranteed, graduation dates get pushed farther and farther, interest is as high as ever, etc.
2.Extended repayment: it can take up to 25 years, it might seem more affordable, but extending your loan for a longer time also increases interests by a lot. Sure, you’ll get more time but with it comes a higher cost.
3.Income-based repayment: this plan can take up to 30 years to be paid for, and is based on how much you earn and requires that you are already graduated.
4.Deferment: This option consists in having your loan put on hold for some time, usually up to 3 years, in specific situations like unemployment, disability or military service and it will not accrue interest in the meantime. However, once it resumes – it resumes.
5.Student loan forgiveness: Yes, it’s a real thing, some public employees are lucky to have their student loans forgiven or at least a percentage of it. It’s a great solution and the best part is that we can help with exactly just that.