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Student Loan Repayment Guide

The second group of student loan repayment plans are options for borrowers to structure their student loan repayment based on their income. These plans each have specific benefits and limitations. In most cases, these student loan repayment plans reduce your monthly payments, but may extend the life of your student loan.

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Student Loan Repayment Guide

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  1. Student Loan Repayment Guide

  2. 1 1. .

  3. Welcome to the Make Lemonade Student Loan Repayment Guide “ “ ◂ Explore our easy to follow Make Lemonade Student Loan Repayment Guide below and we will help you figure out which options can meet your student loan repayment needs. Make Lemonade explores Student Loan Forgiveness as well, but this student loan repayment guide is for those borrowers looking at the student loan repayment options, when student loan forgiveness is not an option for you.

  4. Traditional Student Loan Repayment Plans ◂ Before the federal government instituted repayment plans, traditional student loan repayment plans were the only options for student loan repayment and in many, although not all, cases they still can offer an effective strategy to pay down your student loans. Under these student loan repayment plans, you will be responsible for paying off your student loan debt yourself, but you can control how quickly you pay it and how much you pay at a time. Let’s take a look at the federal student loan repayment options.

  5. Standard Student Loan Repayment ◂ Standard Student Loan Repayment is just what is sounds like. Take no action and this is likely where you will land. All student loans are eligible for this type of student loan repayment and the maximum term is 10 years. Payments are fixed and because you make a higher monthly student loan payment compared to other student loan repayment plans, not only do you pay your student loans quickly, but also you pay less over the long term. Take that, interest and compound interest!

  6. Extended Student Loan Repayment The Extended Student Loan Repayment gives you a little breathing room and does exactly what it suggests – extends the length of your student loan repayment. How do you know if this student loan repayment plan is right for you? Well, if you’re staring down the barrel of a monthly student loan payment on a 10-year plan and thinking…what was I thinking?! You were planning on making a student loan repayment every month on time, but when you start dividing what you borrowed by 10 years, and then 12 months and adding interest and compounding interest, the math does not compute. By repaying your student loan for a longer period of years, you have the ability to make smaller monthly student loan payments. The major drawback to this approach is of course the interest that accrues and compounds and accrues and compound and…. yeah, that. ◂

  7. Thanks! Any questions? Personal Finance Questions : : questions@m akelem onade.co ◂ All Other Inquiries : : contact@m akelem onade.co ◂

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