The average student who graduates from university will find it hard to make repayments for their student loan. But there is a way out for students with high repayments. When student graduate from high school, a lot of these students decide to work instead of going off to college. The reason some give is that the individual doesn’t have any idea what to take up. The sad truth is that some cant affords it.
For the eligible of federal student loan consolidation from the U.S government to the student, you must be an American student or you must studying in an American school, or the person should be a US citizen with a valid social security number. If accepted, a certain GPA must be maintained during the entire program.
Most of College in America funded by the federal government and the graduate. But not for every student can qualify for a scholarship or a grant. The best chance to get that degree and a high paying job is a federal student loan.
If you currently have several student loans, it is easier if you use federal student loan consolidation to consolidate them into one loan payment thus making it easier to manage.The federal governments give the department of education a budget of more than $65 million a year in terms of loans, grants and aids. The U.S government in an offer to attract more students to take up their student consolidation loans has come up with four plans to suit the different needs of students. Below are four types of Federal Student Loan Consolidation.
They are:
1. Graduated Payment Plan
For this plan payment period is about 15 to 30 years. And this type of plan is suitable for the students who still studying in school and can only repay the student loan they finish graduate and with have job. The payment amounts per month usually starts low and increase steadily every 2 years. The intention if the student has worked for a longer period of time, their salary will increase accordingly and thus able to pay a larger repayment student loan.
2. Standard Student Loan Consolidation
For this the maximum student loan period is 10 years and the payment amount per month is fixed. The student who can afford to pay a fixed amount per month this is suitable for that student. The interest rate would not be a big factor in huge student consolidation loans
3. Extended Payment Plan
This type of plan is similar to standard student loan consolidation except it has a longer repayment period of between 15 to 30 years. The repayment period is dependent on the student loan amount.
4. Income Contingent Payment Plan
This type of plan is complicated and is based on the student’s income level over a period of years. It is also based on the family’s annual gross income, other loan amounts owed, other assets, mortgages etc.
These are all four types of Federal Student Loan Consolidation. But most of student usually choose the extended payment plan or graduated payment plan for their federal student loan consolidation.
The student will be helpful to reduce the student loan payment amount each month if you are successful in your student loan consolidation application, and allows you more time to pay off your student loans. For the all student whether you are still in school or a recent graduate, the Federal student loan consolidation plans are applicable for all students.
The average student who graduates from university will find it hard to make repayments for their student loan. But there is a way out for students with high repayments. When student graduate from high school, a lot of these students decide to work instead of going off to college. The reason some give is that the individual doesn’t have any idea what to take up. The sad truth is that some cant affords it.
For the eligible of federal student loan consolidation from the U.S government to the student, you must be an American student or you must studying in an American school, or the person should be a US citizen with a valid social security number. If accepted, a certain GPA must be maintained during the entire program.
Most of College in America funded by the federal government and the graduate. But not for every student can qualify for a scholarship or a grant. The best chance to get that degree and a high paying job is a federal student loan.
If you currently have several student loans, it is easier if you use federal student loan consolidation to consolidate them into one loan payment thus making it easier to manage.The federal governments give the department of education a budget of more than $65 million a year in terms of loans, grants and aids. The U.S government in an offer to attract more students to take up their student consolidation loans has come up with four plans to suit the different needs of students. Below are four types of Federal Student Loan Consolidation.
They are:
1. Graduated Payment Plan
For this plan payment period is about 15 to 30 years. And this type of plan is suitable for the students who still studying in school and can only repay the student loan they finish graduate and with have job. The payment amounts per month usually starts low and increase steadily every 2 years. The intention if the student has worked for a longer period of time, their salary will increase accordingly and thus able to pay a larger repayment student loan.
2. Standard Student Loan Consolidation
For this the maximum student loan period is 10 years and the payment amount per month is fixed. The student who can afford to pay a fixed amount per month this is suitable for that student. The interest rate would not be a big factor in huge student consolidation loans
3. Extended Payment Plan
This type of plan is similar to standard student loan consolidation except it has a longer repayment period of between 15 to 30 years. The repayment period is dependent on the student loan amount.
4. Income Contingent Payment Plan
This type of plan is complicated and is based on the student’s income level over a period of years. It is also based on the family’s annual gross income, other loan amounts owed, other assets, mortgages etc.
These are all four types of Federal Student Loan Consolidation. But most of student usually choose the extended payment plan or graduated payment plan for their federal student loan consolidation.
The student will be helpful to reduce the student loan payment amount each month if you are successful in your student loan consolidation application, and allows you more time to pay off your student loans. For the all student whether you are still in school or a recent graduate, the Federal student loan consolidation plans are applicable for all students.
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