Standard Repayment Program

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Information on the Standard Repayment Program

The Standard repayment program is the default program that your loans go into once your loans enter their repayment period.  Under the William D Ford Act the design of the standard repayment plan was to divide the loan holders in equal payments for 10 years or 120 payments. With a consolidated loan it can last anywhere from 10 through 30 years. The eligibility of the standard program is simple, all you need to have is any loan from the Direct Loan program which are:

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct PLUS Loans

• Direct Consolidation Loans

• Subsidized Federal Stafford Loans

• Unsubsidized Federal Stafford Loans

• FFEL PLUS Loans

• FFEL Consolidation Loans

There is also another version of the Standard payment option which is called the extended fixed repayment. Similar to the standard, you will have a fixed monthly rate but for this term, it extends out the payment term from 10 years to 25 years.

Let’s use John D as an example so that you can have a better understanding on how the programs work. John has accumulated $30,000.00 in student loans with a 6.8% interest rate. Under the standard program his monthly payments would be $345 a month, while with the extended fixed payment, his payments will drop to $208 a month. Now while the $208 monthly dollar payment may seem lucrative but the total amount that you would be paying under the extended fixed would be $62,466 as opposed to $41,428 with the standard payment option

Every now and then the repayment amount under the Standard Program will be similar to the repayment program known as the Income Based Repayment Program. Under this program, it allows you to have a payment that is based off of your income, which could prevent you from falling into default if hardship may strike you. In most instances, your payment may go as low as zero, yes zero $0 dollars a month. Don’t worry this is not like a deferment or forbearance which pauses your payments and accumulates interest towards the back end of the loan. This is actually considered an actual payment and you could have this zero dollar payment during the duration of your hardship. Once your term is completed, your student loans we be completely forgiven. This is one of the key advantages that the Income Based Repayment Program.

The Standard repayment program is the default program that your loans go into once your loans enter their repayment period.  Under the William D Ford Act the design of the standard repayment plan was to divide the loan holders in equal payments for 10 years or 120 payments. With a consolidated loan it can last anywhere from 10 through 30 years. The eligibility of the standard program is simple, all you need to have is any loan from the Direct Loan program which are:

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct PLUS Loans

• Direct Consolidation Loans

• Subsidized Federal Stafford Loans

• Unsubsidized Federal Stafford Loans

• FFEL PLUS Loans

• FFEL Consolidation Loans

There is also another version of the Standard payment option which is called the extended fixed repayment. Similar to the standard, you will have a fixed monthly rate but for this term, it extends out the payment term from 10 years to 25 years.

Let’s use John D as an example so that you can have a better understanding on how the programs work. John has accumulated $30,000.00 in student loans with a 6.8% interest rate. Under the standard program his monthly payments would be $345 a month, while with the extended fixed payment, his payments will drop to $208 a month. Now while the $208 monthly dollar payment may seem lucrative but the total amount that you would be paying under the extended fixed would be $62,466 as opposed to $41,428 with the standard payment option

Every now and then the repayment amount under the Standard Program will be similar to the repayment program known as the Income Based Repayment Program. Under this program, it allows you to have a payment that is based off of your income, which could prevent you from falling into default if hardship may strike you. In most instances, your payment may go as low as zero, yes zero $0 dollars a month. Don’t worry this is not like a deferment or forbearance which pauses your payments and accumulates interest towards the back end of the loan. This is actually considered an actual payment and you could have this zero dollar payment during the duration of your hardship. Once your term is completed, your student loans we be completely forgiven. This is one of the key advantages that the Income Based Repayment Program.

PUBLIC SERVICE LOAN FORGIVENESS

Under the guidelines that were provisioned under the William D Ford Act, standard and extended fixed repayment options aren’t qualified payments for the Public Service Loan Forgiveness. A program that forgives your student loans if you are a full-time employee working for certain non for profit jobs or public sector jobs. For more information on PSLF click here

Under the guidelines that were provisioned under the William D Ford Act, standard and extended fixed repayment options aren’t qualified payments for the Public Service Loan Forgiveness. A program that forgives your student loans if you are a full-time employee working for certain non for profit jobs or public sector jobs. For more information on PSLF click here

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