Income-Driven Repayment plans come in different forms and they are as follows:
These plans only support borrowers who took out Direct Loans. However, you want to remember that if you have a Consolidated Loan or Parent PLUS, you are not eligible for the Revised Pay as You Earn Repayment Plan.
The following are some of the common repayment plans you can get with private Navient student loans.
Normally, your promissory note will contain a schedule for your loan repayment. This repayment schedule is the level or standard repayment plan. Usually, it amounts calculated from your principal debt plus interest per the terms of your contract. Of all the ways to repay your private student loans, the level monthly repayment plan is the most affordable for most students. Hence, it is worth checking out.
Under the Extended Repayment Plan, you will get an extension on the duration of your repayment. Hence, you get to decrease the amount you pay every month. As such, you get to spread the total amount over a longer duration of time. But again, you’ll end up paying significantly more than you’ll do in a standard repayment scheme.
When you combine the Extended Repayment and Extended Repayment plan, you get the term and rate modification program.
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