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Student Loans, The Four Types Of Federal Student Loan Consolidation
by Ricky Lim
If you are an American student or one studying in an American school, then you are eligible for federal student loan consolidation from the U.S government.
Federal student loan consolidation plans are applicable for all students whether you are still in school or a recent graduate or already into your new career.
If you are successful in your student loan consolidation application, it will help you to reduce the student loan payment amount each month and/or allows you more time to pay off your student loans.
If you currently have several student loans, it is easier if you use federal student loan consolidation to consolidate them into one loan payment thus making it easier to manage.
The Four Types Of Federal Student Loan Consolidation The U.S government in a bid to attract more students to take up their student consolidation loans have come up with four plans to suit the different needs of students.
They are : * Standard Student Loan Consolidation The maximum student loan period is 10 years and the payment amount per month is fixed. This type of plan is suitable for students who can afford to pay a fixed amount per month. The interest rate would not be a big factor in huge student consolidation loans * Extended Payment Plan This type of plan is similar to standard student loan consolidation except it has a longer repayment period of between 15 to 30 years. The repayment period is dependent on the student loan amount.
* Graduated Payment Plan This type of plan is suitable for students still schooling and can only repay the student loan when they have a job after they graduated. The payment period is between 15 to 30 years. The payment amount per month usually starts low and increase steadily every 2 years. The intent is the as the student has worked for a longer period of time, their salary will increase accordingly and thus able to pay a larger repayment student loan.
* Income Contingent Payment Plan This type of plan is complicated and is based on the student’s income level over a period of years. It is also based on the family’s annual gross income, other loan amounts owed, other assets, mortgages etc.
Most student usually choose graduated payment plan or the extended payment plan for their federal student loan consolidation.
About The Author: Ricky Lim works in a finance company specialising in direct student
loan consolidation. Visit his site at http://www.about-studentloan.com for student loan consolidation rates
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Return to the selection of student loans
You may want to try these articles on student loans
Student Loans, Student Loans by Dave Lympany Approximately 754 Words
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Student Loans, An Introduction To Student Loans by Eddie Tobey Approximately 340 Words
Student Loans, How Does Student Loan Consolidation Work? by Ricky Lim Approximately 473 Words
Student Loans, Private Student Loans by Eddie Tobey Approximately 379 Words
Student Loans, Federal Student Loans by Eddie Tobey Approximately 331 Words
Student Loans, College Student Loans by Eddie Tobey Approximately 354 Words
You may want to try these websites for additional information
http://www.internationalstudentloan.com/international_student/index.html
http://www.ed.gov/offices/OSFAP/DCS/
http://www.studentloanxpress.com/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
If you are an American student or one studying in an American school, then you are eligible for federal student loan consolidation from the U.S government.
Federal student loan consolidation plans are applicable for all students whether you are still in school or a recent graduate or already into your new career.
If you are successful in your student loan consolidation application, it will help you to reduce the student loan payment amount each month and/or allows you more time to pay off your student loans.
If you currently have several student loans, it is easier if you use federal student loan consolidation to consolidate them into one loan payment thus making it easier to manage.
The Four Types Of Federal Student Loan Consolidation The U.S government in a bid to attract more students to take up their student consolidation loans have come up with four plans to suit the different needs of students.
They are : * Standard Student Loan Consolidation The maximum student loan period is 10 years and the payment amount per month is fixed. This type of plan is suitable for students who can afford to pay a fixed amount per month. The interest rate would not be a big factor in huge student consolidation loans * Extended Payment Plan This type of plan is similar to standard student loan consolidation except it has a longer repayment period of between 15 to 30 years. The repayment period is dependent on the student loan amount.
* Graduated Payment Plan This type of plan is suitable for students still schooling and can only repay the student loan when they have a job after they graduated. The payment period is between 15 to 30 years. The payment amount per month usually starts low and increase steadily every 2 years. The intent is the as the student has worked for a longer period of time, their salary will increase accordingly and thus able to pay a larger repayment student loan.
* Income Contingent Payment Plan This type of plan is complicated and is based on the student’s income level over a period of years. It is also based on the family’s annual gross income, other loan amounts owed, other assets, mortgages etc.
Most student usually choose graduated payment plan or the extended payment plan for their federal student loan consolidation.
About The Author: Ricky Lim works in a finance company specialising in direct student
loan consolidation. Visit his site at http://www.about-studentloan.com for student loan consolidation rates
These articles on lifestyle and more
Reprint this article free of charge as long as you keep the author's resource box or bio intact and the links active. A copy of the ezine or URL of the page where the article was reprinted emailed to the author would be very much appreciated. student loans
Return to the selection of student loans
You may want to try these articles on student loans
Student Loans, Student Loans by Dave Lympany Approximately 754 Words
Student Loans, 4 Steps To Make The Most Of Your Student Loans by Brad Stroh Approximately 690 Words
Student Loans, An Introduction To Student Loans by Eddie Tobey Approximately 340 Words
Student Loans, How Does Student Loan Consolidation Work? by Ricky Lim Approximately 473 Words
Student Loans, Private Student Loans by Eddie Tobey Approximately 379 Words
Student Loans, Federal Student Loans by Eddie Tobey Approximately 331 Words
Student Loans, College Student Loans by Eddie Tobey Approximately 354 Words
You may want to try these websites for additional information
http://www.internationalstudentloan.com/international_student/index.html
http://www.ed.gov/offices/OSFAP/DCS/
http://www.studentloanxpress.com/
The information provided in this article is the express opinion of the author. Exchangenet is not responsible for the content!
