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The Three Main Repayment Plans Under A Direct Loan Consolidation
Borrowers who have multiple student loans can consolidate them under one direct consolidation loan allowing for a simple and easy payment plan. A big advantage of this plan is the multiple payment options that it allows. There are many flexible options and deferments unlike a private consolidation loan. This style of loan has huge advantages over a private loan consolidation owing to the options listed listed below
You can choose from a range of repayment plans according to your requirements:
Basic Repayment Plan - Under this once per month repayment plan, a set amount would be paid by you until you complete paying the whole college loan amount. Based on your overall education unpaid debt, you will be paying a minimum amount of fifty dollars as a monthly repayment for the time period from 10 to 30 years.
Graduated Repayment Program - With the graduated repayment plan regarding a direct loan consolidation, you will have to pay for an amount of at least the interest accrued each month. Initially, the repayment amount is low and then gradually will increase every two years. The total loan period is usually between 10 and thirty years according to your total debt.
Extended Repayment Program - Whenever the balance with a loan is over $30,000, your direct loans servicing center will work out an extended repayment plan. Within this plan, you will be provided two distinct choices.
The first option is to pay a set repayment every month till you complete the loan terms. Payments will be a minimum of $50. The 2nd program is a graduated payment in which you will have to repay a minimum payment of the interest accrued on your entire loan or $50 whichever is larger. Payments usually are gradually increased every two years after starting off low.
An Income Contingent Repayment Plan or ICR bases the month to month repayment amount on the total annual income of the borrower, size of family and direct loan balance. This kind of direct loan consolidation repayment is available for a term of twenty five years.
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