school loan
Date: Fri, 09/29/2006 - 03:48
school loan
Don't you want to complete the program with the college foundati
Don't you want to complete the program with the college foundation? (If I can ask you)
How much is the balance owed?
Request Deferrment or Forebearance
Call your lender and request deferment first; if you don't qualify then request forebearance.
You have several options in repayment of your loan
Students may choose among a variety of repayment plans for Federal Loans:
Standard Plan ???????? This plan has a fixed annual repayment amount not to exceed 10 years.
Extended Repayment Plan ???????? This plan requires the borrower to pay at least $50 a month per loan and allows up to 30 years to repay, depending on the amount borrowed.
Graduated Repayment Plan ???????? This plan allows monthly payments to increase at two or more levels within the repayment period. Borrowers have up to 30 years to repay, depending on the amount they borrowed. The required monthly payment amount increases at least once during the repayment period.
Income Contingent Repayment Plan ???????? The Income Contingent Repayment Plan is designed to give borrowers the flexibility to meet their student loan obligations without causing undue financial hardship. Each year, your monthly payment will be based on your annual Adjusted Gross Income (AGI), as reported on your federal tax return, and the total amount of your Federal Loans. The maximum repayment period is 25 years.