How to Choose the Right Student Loan Repayment Plan

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Student loan
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A student loan is designed to help students pay
for university tuition, books, and living
expenses. It may differ from other types
of loans in that the interest rate may be
substantially lower and the repayment schedule
may be deferred while the student is still in
school.
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How to Choose the Right Student Loan Repayment
Plan
The right repayment plan for you will depend on
your income, credit history and many other
factors such as your ability to support higher
monthly repayments.
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The most common are

• Income Based Pay 10-15 of your discretionary
  income over a 25-year term.
• Pay as You Earn Pay 10 of your discretionary
  income over a 20-year term.
• Income Contingent Pay the lesser of two options,
  being 20 of your income over a 25-year term, or
  a fixed amount over a 12-year term.

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Student Loan Deferment

• Deferment of a student loan means that you are
  given extra time before you start making
  repayments.
• Other reasons for deferment might include
  illness, further education, major injuries, or
  unemployment.
• Keep in mind that interest on the student loan
  continues to accumulate during deferment, making
  your total overall repayments more costly.
• Source (http//www.huffingtonpost.com/stephen-das
  h/how-to-choose-the-right-s_b_7874398.html?irIndi
  aadsSiteOverridein)

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