College loan repayment can be such a pain if you are a fresh graduate struggling to pay for your own keep, trying to enjoy your new independence.
Don't let the fun of being able to stand on your feet be spoiled by the burden of repaying your student loan debts.
What are the things you can do to ease your college loan repayment?
There are several repayment plans you can choose from depending on which suits you best. What are these?
- Standard payment. This is your automatic payment plan. After the grace period, you will be required to start repayment using this plan for a period of 10 years.
- Extended payment. If you find the standard plan a bit high for you, opt to extend your repayment term up to 25 years. The extension will of course lower your monthly payment so you can easily afford it.
- Graduated payment. If you have an entry level job, your pay wouldn't be that much. You can choose this repayment plan which starts low and gradually increases (every 2 years). This plan lasts for 25 to 30 years.
- Income based payment. Your payment will be based on your monthly gross income. As your income grows, so does your payment. This college loan repayment method will require your financial information including tax return details.
- Perkins loan repayment. The government will established a set minimum amount you can pay each month which is $30 to $40 depending on when the loan was taken.
CLICK HERE To Learn How To Consolidate Your Student Loan The Right Way.
Learn Tips And Professional Advice On Student Loan Repayment By Going To: http://www.StudentLoanRepaymentGuide.com
Be Debt Free Sooner!
Article Source: http://EzineArticles.com/?expert=Lorrie_Barstow
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