| The Four Federal Student Loan Consolidation Plans | | | | consolidation except it has a longer repayment period |
| Anybody studying in the United States and owing a | | | | of between 15 to 30 years. The repayment period is |
| student loan is eligible for federal consolidation plans. | | | | based on the student loan amount. Ultimately, this plan |
| Federal college loan consolidation plans are applicable | | | | will reduce the monthly payments further by extending |
| for all students regardless of if you are still in school, a | | | | the life of the loan. |
| graduate, or are already mid-career. If you currently | | | | Graduated Payment Plan |
| have a number of loans, it is easier if you use federal | | | | This plan is best for students still in school that can only |
| consolidation to consolidate them into one loan | | | | repay the loan when they have a job after school. |
| payment. | | | | The repayment period is between 15 to 30 years. The |
| There are four types of federal college loan | | | | payment per month starts low and increases slightly |
| consolidation to choose from: | | | | every two years. |
| Standard Student Loan Consolidation | | | | Income Contingent Payment Plan |
| The maximum loan period is 10 years and the | | | | This plan is complex and is based on the student's |
| payment per month is fixed. This type of plan is | | | | income level over a number of years. It is also based |
| suitable for those who can afford to pay a fixed | | | | on the family's annual income, other loans owed, |
| amount per month. The interest rate does not make a | | | | assets, mortgages etc. |
| big difference in large consolidation loans. This is the | | | | Most student usually choose graduated payment plan |
| easiest plan for those on a budget. | | | | or the extended payment plan for their federal student |
| Extended Payment Plan | | | | loan consolidation. The choice is ultimately up to each |
| This type of plan is nearly the same as the standard | | | | student. |