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Graduated Loan Repayment Plan

The graduate repayment plan is similar to the standard repayment plan in its calculation, but major differences occur in the first few years under the graduated plan where you are only paying interest on the loan. For this reason, according to studydaddy.com the graduated plan, in the beginning, is always less than the standard repayment plan. You start off only paying interest on the loan and every two years your payment increases. The term of the loan is the same as the standard and is based on your loan amount. You may want to choose the graduated plan if:

Your income is high enough where the Income Based reprograms do not make sense for you or you may not even qualify for them

You want to have a slightly lower payment right now knowing that your payments will slowly increase every two years until the loan is paid off

You expect your current job to have normal and regular pay raises and expect to be able to pay the increase of the payment every couple of years

Income Contingent Repayment

According to get answers for homework service the Income Contingent Repayment plan uses a couple of income-based factors to surmise what your payment will be during the length of your Student Loan Repayment. The Income Contingent Repayment plan calculates your payment two different ways and then gives you the lower of the two payments.

One calculation is your Adjusted Gross Income over the poverty line for your family size, multiplied by 20% for an annual payment. This calculation does not take the loan size into account at all. The second calculation, however, does use your loan value, and income factor determined by the federal government, and a constant multiplier also determined by the federal government. These are then used to calculate your payment for the second method. Whichever of these formulas gives you the lower payment will determine your payment plan. You may benefit from an Income Contingent Repayment Plan if:

You are suffering a financial hardship and need relief

You do not see having a higher income in the future from english help and would like to be eligible for student loan forgiveness. Under this repayment, it is not expected that at the end of the term will be paid off, so loan forgiveness seems likely

Income Based Repayment

The Income Based Repayment plan is by far the most unique in the Student Loan Forgiveness program, and often the most beneficial. There are many benefits to the program, one of which is forgiveness on the first three years of unpaid interest from when you enroll into the Income Based Repayment plan for the subsidized portion of your loan. This works out for many to be a form of instant forgiveness on their loans. You must qualify for a zero payment. If your payment is not zero, it is likely you are not completely paying off the monthly payment, and receiving forgiveness on the difference. The amount of your payment can never exceed 15% of your adjusted gross income over the poverty line for your family size. If you are married and file jointly, your spouse’s student loan indebtedness can be taken into account and can further lower your payment. You may want to take advantage of an Income-Based Repayment if:

You are having a financial hardship and would like some breathing room

You qualify for a payment of zero or payment of less than the monthly interest payment on the loan. This will allow for that interest to be forgiven on the first three years You do not see a large increase in your income in the future, and see yourself always qualifying for a zero payment at which case your student loan would be completely forgiven at the end of the term

More resources:

Student Loan Consolidation

How Student Loan Consolidation Benefits You

The Student Advisor Center

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Willie Miller

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