Typically repayment begins after a grace period which can vary in length depending on the type of loan; the most common Grace Period is length is 6 months. In preparation for the end of your Grace Period and the start of repayment, review the available repayment plans options. If you would like to discuss your repayment plan options please do not hesitate to contact us 314-977-9840 or by email at email@example.com to schedule a personal appointment.
- contact your loan servicer for this option
Income Driven Repayment Plans
Income Driven Repayment Plans allow borrowers to reduce their monthly loan payment and still make required payments. Monthly payments are based on Adjusted Gross Income (AGI) and the borrower’s family size. Payments will never be more that the 10-year Standard amount and in some cases monthly payment amounts maybe as low as $0.
Federal Loan Consolidation
If you are considering consolidation, please visit the consolidation page for more information on this repayment option.
You can develop repayment strategies so that you can minimize the total amount of interest paid over the life of the loans. You do not have to use the same repayment plan on every loan in your portfolio.
For example, you may choose to use a Graduated Plan for loans with a lower interest rate while choosing the Standard Plan for loans with a higher interest rate. This would allow you to pay the minimum on the lower interest rate loans, and put more money toward the higher interest rate loans.
Another example may be to combine an income driven repayment plan such as IBR or PAYE and participate in a Loan Repayment Program. This combination provides you with a lower monthly payment requirement and makes large lump sum payments to your outstanding loan principal, lowering your overall loan obligations.
Find an option that works best for you, and create a strategy for repayment. It will allow you to repay your student loan obligation and reach your other financial goals. To help you build a strategy for repayment, use the following links to estimate your monthly repayment amounts and evaluate the different repayment plans: The AAMC's Medloans® Organizer & Calculator FinAid's Loan Repayment Calculatorsor the fedloan Repayment Schedule Estimator.