The four types of federal student loan consolidation

The four types of federal student loan consolidation, If you are an American student or a study in an American school, you are eligible for federal student loan consolidation from the U.S. government. Federal student loan consolidation plans are applicable for all students if they are still in school or a recent graduate or already into your new career.

If you are an American student or a study in an American school, you are eligible for federal student loan consolidation from the U.S. government.

Federal student loan consolidation plans are applicable for all students if they are still in school or a recent graduate or already into your new career.

If you are successful in implementing student loan consolidation, which will help reduce the amount of student loan payment each month and / or allows you more time to repay student loans.

If you currently have several student loans, it is easier if you use federal student loan consolidation to consolidate into one loan payment so it is easier to handle.

The four types of federal student loan consolidation

The U.S. government in an attempt to attract more students to take their student consolidation loans have come with four different plans to meet student needs.

They are:

1) The standard student loan consolidation

The maximum student loan period is 10 years and the monthly payment amount is fixed. This type of plan is suitable for students who can pay a fixed amount per month. The interest rate would not be a factor in huge student loan consolidation

2) Extended Repayment Plan

This type of plan is similar to the standard student loan consolidation except it has a longer repayment period of 15 to 30 years. The repayment period depends on the amount of student loans.

3) Graduated Repayment Plan

This type of plan is suitable for students still schooling and can only pay the student loan when they have a job after graduation. The repayment term is between 15 to 30 years. The payment amount per month usually starts low and increase steadily every 2 years. The intention is to measure the student has worked for a longer time period, his salary will increase accordingly and thus able to pay a student loan repayment larger.

4) Plan Pay Income contingent

This type of plan is complicated and is based on the income level of students over a period of years. It also draws on the family's annual gross income, other loan amounts owed, other assets, mortgages, etc.

Most students usually choose graduated payment plan or extended payment plan for federal student loan consolidation.

source: http://www.advice4finance.com/es/consejos-335865.htm