When you have student loans, there are repayment options available to you. These can allow you to pay off your student debt over a period of time that works best for your lifestyle and budget. The repayment term is an important part of any loan agreement, so borrowers must understand their options before choosing one type of payment over another.
In-school repayment options
In-school repayment options are available to borrowers who are still enrolled in school and don’t have any outstanding loans. These repayment plans include:
- Standard Repayment Plan (10 years)
- Graduated Repayment Plan (10 years)
- Extended Repayment Plan (15/20 years)
After graduation, choose the best student loan refinance option. You can choose between the following repayment options:
Deferred repayment options
For borrowers who want to delay their payments, deferred repayment options are the best choice. They’re not the same as forbearance, which postpones payments for a specific period of time. Deferred repayment options allow you to postpone payments while you’re in school or during grace periods—periods when you are allowed to make no loan payments because you haven’t yet graduated from school or completed your grace period requirements.
In order to qualify for most deferred repayment terms on refinancing student loans, the borrower must be enrolled at least half-time in school and meet certain other criteria (like having a high enough income).
Graduated repayment options
Graduated repayment plans are based on your income, meaning that your payment will increase as you get a job and earn more money. However, graduate plans aren’t available for federal loans or private loans. However, if you have a federal consolidation loan and choose this option, it will cover both the new federal loans and any previously existing private debt.
Income-based repayment options
Income-based repayment options can be used to lower your monthly payments, such as the Pay As You Earn (PAYE) and Revised Pay As You Earn (REPAYE) plans. They also allow you to extend the loan term and consolidate multiple federal student loans into one. In addition, if you still need to receive a degree or certification from your school but still have a large amount of debt from your student loans, an income-driven plan can provide some relief until you are ready for repayment.
“If you meet the lender’s or partner’s requirements for eligibility, pre-approved and pre-qualified offers from one or more partners will be shown to you here on the Lantern by SoFi website. More information about Even, its lenders and the process is described on the loan inquiry form you will reach by landing on the Personal Loans page, and the Student Loan Refinance page.”
There are a lot of different repayment options out there. The good news is that you can find one that works for you, but the bad news is that it may take some time. So, if you’re struggling with student loans, start by ensuring you know your options and whether refinancing might help. Also, consider talking to someone about refinancing before making any decisions about whether or not this is right for your situation.
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