starting repaymentContent provided by Sallie Mae |
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You can choose from a variety of payment options. If you do not choose one, you will be signed up for the standard repayment option.
Loan repayment usually starts after you graduate. If you leave school–or if you suspend your studies beyond the grace period–you will be required to start repaying your student loan.
Standard repayment
Principal and interest payments are due each month throughout the loan repayment term.
Graduated repayment
Payments are lower at the beginning of repayment and step up at specified periods and in specified amounts over the term of the loan.
Income-sensitive repayment
Monthly payments are based on a percentage of the borrower's monthly income for Stafford, PLUS, and SMART LOAN® (federal consolidation) account borrowers.
Extended repayment
Eligible borrowers receive payment relief through a lengthened repayment term of up to 25 years.
Consolidation
Loan consolidation is an important debt management tool that allows borrowers to bundle existing loans into one new loan, providing both convenience and lower monthly payments. There are two types of loan consolidation: federal consolidation and private consolidation.
Serialization
Borrowers make one monthly payment and retain the original terms and interest rates on their loans.
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