Federal Student Loans: Your Options for a More Affordable Repayment Plans

If you only have Federal student loans, meaning you do not have any obligations to a Private lender, there are a lot of repayment options available for you that can make repayment easier. Take note though that if your debts have already defaulted, you won't be able to avail of the following options.

The Standard Repayment Method

This is your automatic repayment plan, any type of Federal debts will give you this option as repayment method unless you specify a different plan. This plan has the highest monthly payment due but the lowest repayment term. If there is a variable interest rate, the monthly amount due may vary.

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The Graduated Repayment Method

With this plan, your payment dues will start low and will gradually increase over your repayment period. If you think that your income will increase overtime, this is a good repayment plan to choose. Increase in income typically happens every 2 years so expect your repayment dues to increase every 2 years as well. With this plan, the repayment term is up to 10 years.

Perkins Loans Repayment Method

The monthly repayment rate for this type of college debt is set by law. To get the exact repayment amounts you will have to contact your school. There are situations when extensions are granted in this type of loan including qualifying as a low-income individual, serious illness or unemployment. If granted repayment extension, you must know that your interest will continue to accrue.

The Extended Repayment Method

If your total college debts and interest rates reach $30000, you may choose to go for the extended repayment plan. If you qualify for this type of plan, you can choose to repay on either a fixed or graduated payment schedule for a period of 25 years. This Federal student loans repayment plan is like consolidating your debts because your monthly dues are less than the standard repayment method and you will pay more in terms of interest over the life of the extended debt repayment.

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