How to Repay Federal Student Loan When My Current Pay is Low?

"I can't afford to make my monthly repayments onPlan
my federal student loans as my salary is notThis plan often starts off with repaying the interest
sufficient for me to do so."only. These payments will gradually increase until the
Can this problem be solved?loan is fully paid. This plan costs more in interest
The answer is YES. You can take the proactive steppayments when it is compared with the first plan. It
to consolidate all your federal student loans. Theis the most ideal plan for the fresh graduates as they
method is very beneficial especially during economyonly need to make little payment when they have
downturn where the interest rates are relativelyjust started working with low salary.o Extended
lower. Federal student loan consolidation is designedRepayment Plan
to extend the period of repayment so that yourThis plan offers a longer repayment period than the
monthly payment is much lower than what you arestandard plan. The period can be extended up to 30
paying currently. Based on the calculation, someyears but the interest rate is higher.o Contingent
people are able to lower their monthly payment byRepayment Plan
as much as 50% after consolidating the loan.Under this plan, the amount of repayment is
There are basically 4 types of federal governmentdetermined by your income, your total outstanding
student loan consolidation programs. Let's take abalances and the size of your family. The repayment
closer look at them one by one.o Standardperiod can be up to 25 years.
Repayment PlanDon't worry when your current income is not
This plan offers the fixed monthly payments for asufficient to pay off your study loans. Go for federal
maximum duration of 10 years but it requires thestudent loan consolidation. It will assist to ease your
highest monthly payment.o Graduated Repaymentfinancial burden.