| Are you a student? Have you been accumulating | | | | a significant factor. |
| several student loan debt burdens? Are you | | | | The extended payment plan of student loan |
| contemplating consolidation of the various student | | | | consolidation is quite similar to standard student loan |
| loans in order to manage them better? Go ahead, | | | | consolidation. However, there is a longer period for |
| apply for student loan consolidation. If your application | | | | repayment provided (between 15 and 30 years). The |
| for student loan is approved then you will be | | | | period for repayment, in this case, is also dependant |
| benefited in the ways that your payment amounts | | | | on the amount of the student loan taken. |
| per month will be reduced and at same time you will | | | | Graduated payment plan is suited especially for |
| be provided a breather of paying out over a longer | | | | students schooling who can repay upon completion |
| period of time. However, remember to choose the | | | | of graduation i.e. when they have a job. The |
| right plan. | | | | payment period here too is between 15 and 30 |
| There are four types of such federal student loan | | | | years. The initial payment amounts per month are |
| consolidation plans. These are the standard student | | | | low but there is steady rise in the amounts every |
| loan consolidation, extended payment plan, graduated | | | | two years. The implied reason is that over a loner |
| payment plan and income contingent payment plan. In | | | | period of time with rise in salary the loan takers will |
| an effort to suit the requirements of different kinds | | | | be able to meet the subsequent larger payments. |
| of student types all these programs have been set | | | | The last and most complicated of the plans is the |
| up. The graduated and extended payment plans are | | | | income contingent plan. Based upon the student's |
| the most commonly pursued loan consolidation | | | | level of income over a period of time such planning is |
| schemes. | | | | made. Other considerations made are annual family |
| In case of the standard student loan consolidation | | | | gross income, amounts owed in other loans and |
| the student loan is provided for a maximum period of | | | | various other assets and liabilities. |
| ten years. The amount of payment to be made per | | | | A careful selection from among these plans is to be |
| month is also fixed. So, this is best suited for | | | | made keeping in mind your particular requisites. In this |
| students who can afford payment of a fixed amount | | | | way you can derive the best benefit from student |
| per month and the interest rate does not emerge as | | | | loan consolidation. |