January 17th, 2008
Direct Student Loan Consolidation
Depending upon the plans of repaying there are four types of Direct Student Loan Consolidation. If you want a fixed monthly payment then you consider taking Standard Repayment Plan. With this plan you will get fix monthly payment for up to 10 years. With Extended Repayment Plan will give you up to 30 years for repaying the loan. That means every month you will need to pay less amount. But that also means that the interest rates will be very high. In Graduated Repayment Plan the repayment period will be something in between 12 and 30 years. In this plan the monthly payment will increase in every two years. If you are working along with your studies then you can take the Income Contingent Repayment Plan. In this the monthly payment will be based on your income. The repayment period will be of 25 years.