Monday, July 16, 2007
Student Loan Refinance
Repayment starts after six months of graduation, withdrawal from school or drop below half time enrollment. Repayment terms are normally up to ten years with the minimum monthly payment not less than $50. Starting payment offers multiple options for student loans. In the standard repayment plan, the monthly payments are in fixed amounts. The graduated payment plan has small payments that gradually increase. In the income sensitive repayment plan, the amount depends on the student's annual income.
Rather challenging at first, getting a good start in the student loans scenario for further education whether just after high school or returning to school later in life, requires preparation. Student loans have a tradition of relatively low interest rates but what is not commonly known is that refinancing these loans can have advantages. When starting college no one hopes to require student loans. Availability of various assistance programs may reduce student loans to a last resort. When available scholarships are ideal as no repayment is involved.
Unfortunately they are not easy due to heavy competition and not all the costs of getting an education are covered. Grants also make great options being free money which requires no repayment as well. But even they can be difficult to get. Increased taxable income, despite the total being below average can be the basis for not qualifying for any more grants.
# posted by karthika : 2:53 AM
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