Repayment PlansYou will automatically receive a level payment plan with
equal monthly payments, unless you choose one of the graduated repayment plans
that start with smaller monthly payments in the earlier years.
Your federal
consolidation loan amount is repaid in equal monthly payments over the maximum
term.
For
the first one-third of the repayment term, you pay only interest each month. For
the remaining two-thirds of the repayment term, you pay level monthly payments.
For the first quarter of the repayment term,
you pay only interest each month. For the second quarter, you pay level monthly
payments on the balance, using the original maximum payment term allowed. For
the last half of the repayment term, level payments are recalculated, enabling
you to pay off the remainder of the loan.
In all cases your repayment plan may be adjusted to comply with repayment
regulations.
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Federal Loan Consolidation
