| Consolidation
Interest Rate
Consolidate your student loans and lock in at the current interest rate*. Consolidate your Stafford loans during your grace period and your consolidation interest rate will be .6% lower than if you wait until repayment to consolidate. You can also extend your repayment period based on your student loan debt:
| LOAN
DEBT |
REPAYMENT
TERM |
| $7,500.00—$9,999.99 |
up
to12 years |
| $10,000.00—$19,999.99
|
up
to15 years |
| $20,000.00—$39,999.99
|
up
to 20 years |
| $40,000.00—$59,999.99
|
up
to 25 years |
| $60,000.00
or more |
up
to 30 years |
* The interest rate on your new consolidation loan will be
the weighted average interest rate of all loans being consolidated,
rounded up to the nearest 1/8th of 1%.
Repayment Plans
The Consolidation Center offers a wide
range of Repayment Plans. Select the plan that is right for
you.
Equal Payment
All Title IV loans are eligible for the Equal Repayment schedule.
An Equal Repayment schedule means the monthly installment
is the same every month throughout the life of the loan.
Graduated
Payment
If a borrower is requesting lower payments, a Graduated
Repayment plan may be a viable option. Stafford, SLS,
and Plus loans are eligible for this repayment option. |
| Select/2:
The first level of repayment will last 24 months
and will be equal to or slightly above the current
31-day interest amount. This means the borrower
will see little or no reduction in the principal
balance during the first two (2) years. |
| Select/5:
Interest-only payments are made for the first 24
months followed by 36 months of slightly higher
payments, which include interest, plus a portion
of the principal. Regular principal and interest
payments then begin in year six. |
|
Extended Payment
Plan
If a borrower is requesting lower payments, and has a current
loan balance of at least $30,000.00, they may be eligible
for the 25 Year Extended Repayment plan. In order to qualify
for this repayment schedule, the borrower's first loan must
have been disbursed after Oct. 7, 1998. This plan extends
the borrower's term to a total of 25 years of repayment time.
The borrower can request this schedule to either be setup
on a Standard or Graduated Repayment plan.
Income-Sensitive
Payment Plan
All borrowers have the option of an Income-Sensitive repayment
plan. The repayment option is offered to borrowers in yearly
increments for up to five years. This repayment schedule ties
the monthly payment to a percentage of the borrower’s
gross monthly income. Payments may be as low as the 31-day
interest amount. The borrower will pay the higher of either
4% of their gross monthly income or the 31-day interest amount
on their student loans.
Note: The lower payment and longer-term will cause the
borrower to repay a greater amount of interest over the life
of the loan than would be experienced with a Standard Repayment
option.
For more information
about consolidations, contact our Consolidation
Representatives
|
Georgia
Cameron
