Stafford Loan Repayment Plans

Stafford Loan Repayment Plans - Stafford Loan Repayment...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Stafford Loan Repayment Plans There are five repayment plans available to Stafford Loan borrowers: (See your Financial Literacy Consultant to discuss the repayment option right for you) Standard Repayment Plan : This will be your repayment plan unless you request another plan from your lender. The plan is designed to enable you to completely repay the loan in 10 years. The minimum monthly payment is $50. Graduated Repayment Plan : Under this plan, your payments will be lower at first and will increase over time. The minimum payment is the amount of interest that accrues between payments. Extended Repayment Plan : This plan is available to FFEL borrowers who received their first loan on or after October 7, 1998, and who borrowed more than $30,000. It also is available to all Direct Loan borrowers. This plan allows borrowers to extend repayment to 12 years or more. Income Sensitive Repayment Plan : This plan sets monthly payment levels based on the borrowers yearly income and loan amount. Payment amounts can increase or decrease based on the customers income. The minimum payment is and loan amount....
View Full Document

This note was uploaded on 02/16/2012 for the course COLL 148 taught by Professor Devlin during the Spring '11 term at DeVry Portland.

Ask a homework question - tutors are online