At
Sky Student Loans we give it to you simple
and straight. Everything you need to know
about student consolidation loans with the
best loan consolidation rates. Consolidating
student loans is vital if done right.
We have the best student consolidation loan
programs and please use our student consolidation
loan calculator to find out what
sort of consolidation loan you can afford
over any loan repayment period. At Sky Loans
we have the best student loan consolidators
giving advice so you can be sure that the
whether you are looking for a student debt
consolidation loan or simple student consolidation
loan, we have the right consolidation advice
at the Student Consolidation Loans Center
a division of Sky Loans.
Find Info on any type of student
consolidation loan below:-
Student Consolidation Loans Loan-Repayment Options
Federal Stafford- and PLUS-loan borrowers
can choose from several flexible options for
paying back their education loans:
Standard Student Consolidation
Loans repayment
Typically this is the least-expensive option
in terms of total interest costs. Most federal
education-loan borrowers choose this option.
This option provides a fixed monthly payment
of at least $50 over a period of up to 10
years.
If your monthly Student Consolidation
Loans payments under this option exceed 8 percent
to 10 percent of your gross monthly income,
however, you should consider one of the following
flexible repayment options or Student Consolidation
Loans .
Student Consolidation Loans Graduated repayment
Monthly payments start low and increase over
time. Graduated repayment may be a good choice
if you currently have limited income but
expect higher earnings in the future. Unless
you consolidate several federal education
loans, the maximum repayment term under this
option is 10 years. Total interest costs
are higher under this option than with standard
repayment.
Student Consolidation Loans Income-sensitive repayment
Payments can be adjusted up or down annually
to account for changes in your income. The
minimum payment must be enough to cover accruing
interest. The repayment period of 10 years
can be extended to 15 years under a special
forbearance provision. Total interest costs
will be higher with this option than with
standard repayment.
Student Consolidation Loans Extended repayment
This option is available only if you did not
have a balance on a Federal Family Education
Loan Program loan as of Oct. 7, 1998, or
at the time you received a FFELP loan after
Oct. 7, 1998. In addition, extended repayment
is available only if you have an outstanding
education-loan balance of more than $30,000.
Under this plan, you may reduce
the amount of your monthly Student
Consolidation Loans payment by spreading payments over a
period of up to 25 years. You may choose to
make payments over this extended period under
a level or graduated schedule. Because payments
are stretched over a longer term, total interest
costs will be significantly higher than under
the other repayment plans.
