What are my repayment options?

If you have borrowed student loans in the state of North Carolina, you have several repayment options available to you. The first option is the Standard Repayment Plan which allows you to pay off your student loan over a period of 10 years. With this plan, you would pay a fixed amount each month, and your total repayment amount would equal the total amount you borrowed. The second option is the Extended Repayment Plan, which allows you to extend your repayment period up to 25 years. With this plan, your monthly payments would decrease, but your total repayment amount would increase due to the extra years of repayment. If you are struggling to make payments, you may be eligible for an Income-Based Repayment Plan. This plan is based on your income and family size, and your monthly payments would be adjusted each year. Finally, if you are no longer able to make payments, you can apply for Deferment or Forbearance. Deferment allows you to postpone your payments for a certain amount of time while Forbearance allows you to reduce or suspend your payments temporarily. Both options may be available depending on your situation and the type of loan you have. No matter what repayment option you choose, it is important to keep track of your payments and any changes in your loan status. You should also consider budgeting for your student loan payments and setting up automatic payments to make sure your loan is paid off in a timely manner.

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What are my repayment options?

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