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single monthly billing 3 advantages

1 Advantage: Make Only One Payment
The key advantage for student loan consolidation is making one single payment instead of multiple payments each month.

That means less paperwork, less chances of missing a deadline, less writing payment checks, etc.

You will be consolidating all of your student loans under one program.

2 Advantage: Select Your Repayment Term
Depending on the amount being consolidated, you can stretch your repayment term by up to 30 years (see table below).

Lengthening the term of your loan will significantly reduce your monthly payment, although you should note that your extended repayment term will increase the total amount of interest you pay on your loan.

But since there are no prepayment penalties, you can reduce your interest costs by increasing the amount you pay each month or by paying off your loan early — without a penalty or fee.
Available Repayment Terms for Federal Loans
Total Student Loan Debt Maximum Repayment Term
$10,000 to $19,999 up to 15 years
$20,000 to $39,999

up to 20 years

$40,000 to $59,999

up to 25 years

$60,000 and greater

up to 30 years

3 Advantage: Choose from (4) Plans
You can select the repayment plan that fits your budget. Take a look at these options:
Repayment Plan
Best suited for a borrower whose goal is to take charge of repayment through streamlined single-billing convenience and a fixed interest rate. It is also the most commonly used plan.
  • Fixed monthly payment for duration of the loan.
  • Monthly payments credited to principal and interest.
  • Lowest overall interest cost of the various repayment options.
Repayment Plan

Best suited for borrowers whose immediate earnings are low but are expected to rise steadily in the years ahead.

Two year graduated plan:

  • Low, mostly interest payments over the first two years of repayment.
  • Principal and interest payments begin in year three of repayment.

Four year graduated plan:

  • Low, mostly interest payments over the first four years of repayment.
  • Principal and interest payments begin in year five of repayment.
Income Sensitive Repayment Plan

With this plan, your payments are based upon your income and are adjusted annually. It's best suited to those with extreme financial problems who may be in danger of default:

  • Payment obligations are calculated based on current income level and are adjusted annually based on expected total income.
  • Payments must cover the interest that accrues between scheduled payments.
  • Higher finance charges over the life of the loan.

Repayment Plan


Best suited for borrowers who are consolidating between $30,000 and $39,999 in debt, and wish to reduce their monthly payment further, but only qualify for a repayment term of 20 years or less:

  • Low fixed or interest-only payments.
  • An extended repayment term of up to 25 years.

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