An expert advocate, such as Alum Financial, will recommend the Standard Repayment Plan for those who wish to pay their loans off in the shortest time possible and reduce interest charges. For More Information visit - https://alumfinancial.com/services/repayment-programs/

1. Student Loan Repayment Plans: Important
Facts to Consider
Source - http://alumfinancial.mystrikingly.com/blog/student-loan-repayment-plans-important-facts-to-consider

2. Fresh graduates face steep education debts. To settle these, several payment
plans are available to select from. Deciding which payment plan to settle on is a
critical step that will determine the ease and length of the debt repayment. Expert
advice from Alum Financial on Pinterest can help the borrower select the
appropriate loan repayment plan. Some factors to consider include the type of
loan owed, the amount owed, and the financial goals of the borrower.

3. Type of loan owed
The three types of students’ loans are federal, private and refinance
loans. The Government provides federal loans, while banks and credit
institutions give private and refinance loans. Your repayment plan will
depend on which type of loan you owe, and some payment plans do not
apply to certain loans. For instance, the Extended Repayment Plan is
strictly for federal loans and does not apply to private loan debt.

4. Income
The current and projected earnings of the borrower will also affect the
student loan repayment plan selected. What you need is a wholesome
analysis of your current and projected financial situation. This includes
your earnings, expenditure and projected earnings for the next 10 or 20
years. Reach out to an expert student loan repayment advisor such as
Alum Financial to help you decide which repayment plan best works for
you. Learn About Alum Financial on SlideShare.

5. Goals
The financial and lifestyle goals of the borrower must be considered
when choosing the repayment plan. Once faced with the steep debt, a
borrower may panic and shelve their career or entrepreneurial ambitions
for a basic job to pay off the loan. On the other hand, one may choose not
to prioritize the loan repayment by making low monthly repayments;
ultimately paying more interest charges. It is best to seek the help of a
student repayment consultant like Alum Financial while making these
decisions.

6. An expert advocate, such as Alum Financial, will recommend the Standard
Repayment Plan for those who wish to pay their loans off in the shortest time
possible and reduce interest charges. On the other hand, the Revised Pay As
You Earn Repayment Plan (REPAYE) plan will be ideal for those that want low
monthly payments and don’t mind higher interest charges. Ultimately, every
individual must consider their circumstances very carefully before making a
decision on which repayment plan best suits them. The plan you choose can
affect other financial and career decisions you make.

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