Respuesta :
Standard Repayment Plan will be placed on.
- The normal repayment schedule is ten years of fixed monthly instalments (or up to 30 years if you have a direct consolidation loan). In order to guarantee that you will pay off your loan with interest in ten years, you will make the same monthly payment throughout the payback term.
- With standard repayment, you pay the same amount each month for ten years by dividing your debt into 120 level instalments. Payments made under this arrangement must be less than $50. Let's suppose, for illustration, that you had a $35,000 student loan with a 4% interest rate.
What drawbacks exist with the conventional repayment plan?
- Compared to other federal student loan repayment alternatives, higher monthly instalments are required.
- Monthly payments are set according to the length of the loan, not your income or financial capacity.
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