Private Student Consolidation Loans: Repayment Plans

If you are considering a private student consolidation loan as a way to help you in affording college, the following are the basic repayment plans available:

Equal Payments: You will make equal payments each month over the entire term of your student loan.

Graduated Payments Type 1: With this repayment plan, you will make interest-only payments on your student consolidation loan for the first two years of repayment. In the third year, the payments will increase to include the principle, and you will pay the same amount each month for the remaining repayment period of the student consolidation loan.

Graduated Payments Type 2: With this repayment plan, you will make interest-only payments on the student loan for the first two years of repayment. From the third to the fifth year, payments will increase and include a portion of the principal. In the sixth year, this portion increases to where you are making equal monthly payments (on principle and interest) for the remaining life of the student consolidation loan.

Just pick the plan that you think best suits your budget and monthly income!