Student Loan Debt Repayment

Student loan debt is the 2nd highest consumer debt category.  There are more than 44 million borrowers with $1.3 trillion in student loan debt in the U.S.  Over 27 million borrowers have greater than $50,000 of student loan debts.

For additional student loan statistics read Student Loan Debt In 2017: A $1.3 Trillion Crisis

HOW WE CAN HELP...

We can help you 

  • Choose repayment plan
  • Determine if you should consolidate your student loans
  • Determine if you should change repayment plans
  • Determine if you should consider refinancing with a private lender
  • Determine if you should overpay (pay an amount above actual montly payment)
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Next Steps...

  • Schedule your initial consultation call to determine if our services is a good fit for your needs.  If so, 
  • Visit NSLDS.ed.gov (National Student Loan Data System) and download your student loan data file
  • Visit annualcreditreport.com and download your free credit report
  • Provide these report and any additional requested information to your financial consultant
  • Schedule call to discuss goals and information provided
  • We will develop recommendations based upon information provided by you and schedule virtual meeting to discuss recommendations and provide a written plan

Student Loan Repayment Options

Standard Plan

  • Payments are fixed and made for up to 10 years (between 10 and 30 years for consolidation loans)

Extended Plan

  • Payments are made over an extended period of time, up to 25 years

Graduated Plan

  • Payments start off lower and increase every two years.  Payments are made for up to 10 years (between 10 and 30 years for consolidations loans)

Income-Driven Plans

  • Monthly student loan payments are set at an amount that is intended to be affordable based on your income and family size

There are four income-driven repayment plans:

Revised Pay As You Earn

  • Payment amount is generally 10% of your discretionary income
  • Repayment period is 20 years if all loans you’re repaying under the plan were received for undergraduate study or 25 years if any loans you’re repaying under the plan were received for graduate or professional study

Pay As You Earn

  • Payment amount is generally 10% of your discretionary income, but never more than the 10-year Standard Repayment Plan amount
  • Repayment period is  20 years

Income-Based

  • Payment amount is generally 10 percent of your discretionary income if you're a new borrower on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount
  • Payment amount is  15 percent of your discretionary income if you're not a new borrower on or after July 1, 2014, but never more than the 10-year Standard Repayment Plan amount
  • Repayment period is 20 years if you’re a new borrower on or after July 1, 2014 or 25 years if you’re not a new borrower on or after July 1, 2014

Income-Contingent

  • Payment is the lesser of 20 percent of your discretionary income or what you would pay on a repayment plan with a fixed payment over the course of 12 years, adjusted according to your income
  • Repayment period is 25 years

Income-Sensitive Plans

  • Payments under this plan increase or decrease based on your annual income and are made for a maximum period of 10 years

For additional information regarding student loan repayment plans, please visit the Federal Student Aid website.