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Guide to Paying and Repaying Your Loans

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What are my repayment options for student loan consolidation?

The repayment options available for your student loan consolidation may help you better budget your future expenses. Options that may be available include terms up to 30 years, as well as plans that allow your payments to start low and climb slowly over the years. The payment plans for a loan consolidation are usually similar to what was available when you originally started repaying on your student loans. They include the standard plan (equal payments for 10 years); extended plan (equal payments for up to 30 years); graduated plan (payments gradually increase over a period of up to 30 years); and, income contingent plan (payments based on your income and can be spread out for up to 25 years).

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Can I set up automatic payments for my consolidated student loan?

Your lender for a consolidation loan may allow you to set up automatic payments on your new loan. If this comes with an interest rate deduction, this can save you some cash in the long run. It not only saves the environment by reducing the amount of paper being wasted, but it also saves you time and energy. You don’t need to worry about forgetting to make a payment since it will be automatically deducted for you. Check with your lender to see if any incentives are available, like a 0.25 interest rate deduction.

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