Four Federal Student Loan Integration Programs


Anyone who has student loans to study in the United States is eligible to participate in the Federal Student Loan Consolidation Program.

The Federal Student Loan Consolidation Program applies to all students, whether you are still in school, have just graduated, or are already in your new career.

If you currently have multiple student loans, it will be easier if you use Federal Student Loan Consolidation to combine them into one loan payment for ease of management.

You can choose from four types of federal student loan consolidation:

* Standard consolidation of student loans

The maximum term of student loans is 10 years, and the monthly repayment amount is fixed. This type of plan is suitable for students who are able to pay a fixed amount each month. Interest rates will not be an important factor in a large number of student consolidation loans. This is the easiest for people with limited budgets.

* Advanced payment plan

This type of plan is similar to a standard student loan consolidation, but with a longer repayment period of 15-30 years. The repayment period depends on the amount of the student loan.

* Tiered payment plan

This program is suitable for students who are still in training and can only repay their student loans if they have a job after graduation. The payment period is 15 to 30 years. The monthly payment amount starts from low and increases steadily every two years.

* Income-based payment plan

This type of plan is complicated and based on the student’s income level over the years. It is also based on the family’s total annual income, the amount of other loans owed, other assets, mortgages, etc.

Most students usually choose a tiered payment plan or an early payment plan to consolidate their federal student loans

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