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consolidation loan student

mohela limited

consolidation loan student

Country/Region china
Company mohela limited
Categories Chinese Business Consulting Service
Update 2020-01-10 22:42:04
ICP License Issued by the Chinese Ministry
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Several repayment plans are available to help manage your student loan account. Each repayment plan has distinct requirements which may result in paying less interestover time or offer greater benefits such as loan forgiveness. If your circumstances don’t fit the repayment plans listed below, we encourage you to call us at 888.866.4352to discuss other alternatives.

Plans based on the length of time in repayment:

  • Standard (Level) Repayment

  • Extended Repayment

  • Graduated Repayment

Plans driven by income:

  • Revised Pay As You Earn (REPAYE)

  • Pay As You Earn (PAYE)

  • Income-Based Repayment (IBR)

  • Income-Contingent Repayment (ICR)

  • Income-Sensitive Repayment


There is a lot to know about income-driven repayment plans (IDR) and it is important that borrowersrenew their IDR plan on time each year to avoid potential consequences.


Estimate Your Payments

Compare repayment plans and choose the right one to fit your needs. ARepayment Plan Evaluator is available by logging in. OR

Use theRepayment Estimator on StudentLoans.gov Log in to base estimates off of loans retrieved from the National Student Loan Data System (NSLDS) or enter your loan information manually.

Change Repayment Plans

For Income-driven repayment plans

Apply onStudentLoans.gov to automatically retrieve last year’s income tax information from the IRS.Sign in using your Federal Student Aid ID and then select Apply for Income-Driven Repayment.Follow the instructions to submit your application online. You can create a FSA ID before completing the application.

If you are past due or missed your annual recertification, please contact us for assistance.

For changes to other repayment plans

Our Customer Service Representatives can assist you with requests for changes to other repayment plans, some of which may be changed bycalling 888.866.4352.


Repayment Plan Summary

PlansLoan ProgramsLoan TermEligibilityPaymentsAdvantagesHelpful Information
STANDARD REPAYMENTDirect Loans & FFELP10 Years (up to 30 years if consolidated)You will be placed on this plan if you do not select another planFixed monthly paymentsThis is the fastest and least expensive plan based on interest paidThis will be the plan you are placed on if you do not select another plan
GRADUATED REPAYMENTDirect Loans & FFELP10 YearsUpon requestPayments start low, increase every 2 YearsWorks well if you expect your income to increase over timeIncreasing monthly payment amounts over time
The amount due each month must cover your interest
EXTENDED REPAYMENTDirect Loans & FFELPUp to 25 YearsMust have more than $30,000 in FFELP or Direct LoansFixed or graduated paymentsLower monthly payments over a longer time frameYou will generally pay more interest on this plan due to the longer repayment term
INCOME-BASED REPAYMENT (IBR)Direct Loans & FFELP125 Years (20 years for new borrowers as of 7/1/2014), any remaining balance may be forgivenMust demonstrate need based on your total federal student loan debt, adjusted gross income and family size
Your calculated payment must be less than what you would pay under the Standard (10-year) Repayment plan
Monthly payment generally set at 15% of discretionary income (10% for new borrowers as of 7/1/2014)A reduced monthly payment amount. If you no longer qualify for a reduced monthly payment, your monthly payment will cap at the 10-year payment
Interest subsidy may apply
May also be used with the Public Service Loan Forgiveness Program
Annual recertification of income and family size
More information about Income Based repayment plans
PAY AS YOU EARN REPAYMENT (PAYE)Direct Loans only120 Years, any remaining balance may be forgivenMust demonstrate need based on your total federal student loan debt, adjusted gross income and family size
Your calculated payment must be less than what you would pay under the Standard (10-year) Repayment plan
Monthly payment generally set at 10% of discretionary incom

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