| Standard Plan: The standard repayment plan offers a | | | | student loan consolidation. |
| fixed-rate plan with monthly payments of at least $50 | | | | It would be in your best interest to review and |
| for up to ten years. Borrowers pay less interest under | | | | evaluate each of these plans to find out which one |
| this plan because the repayment period is shorter. | | | | suits you best. Many financial institutions have |
| Extended Payment Plan: The difference between this | | | | counselors than can also help you make choices about |
| plan and a standard plan is monthly payments are | | | | plans. You should carefully consider your options and |
| extended over a period of 12-30 years. If you have a | | | | choices, interest rates are very low and will probably |
| high debt load this may help you reduce your monthly | | | | rise soon so now is your best opportunity to take |
| payments but the longer you take to clear the loan, the | | | | advantage of government student loan consolidation |
| more interests you will pay. | | | | programs. |
| Graduated Payment Plan: Under this plan monthly | | | | Remember |
| payments start out low and increase approximately | | | | Consolidate them into a single loan with rates and |
| every two years. The repayment period can be from | | | | terms you can afford. Pay more often than the |
| 12-30 years depending on your debt load. | | | | schedule - you will reduce your over all interest. |
| Income Contingent Repayment (ICR) Plan: Your | | | | Don't refinance if you are near the end of the term for |
| monthly payments via this plan are based on your | | | | your student loan. Don't refinance if your just saving a |
| income, family size and loan amount. | | | | few dollars a month - the additional time you are |
| Compare the cost of repaying your unconsolidated | | | | financing will cost you more in the long run. |
| student loans with the cost of paying a government | | | | |