What are my repayment options?

When it comes to student loan repayment in Wisconsin, there are several options. The first option is an income-driven repayment plan. Under this plan, your minimum monthly payment is based on your income and family size. There are four Income-Driven Repayment Plans available in Wisconsin: Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), Income-Based Repayment (IBR), and Income Contingent Repayment (ICR). These plans will also cap the amount of interest that accrues on the loan. The second option is called a Standard Repayment Plan. Under this plan, your loan payments are fixed, and you must pay off the loan within 10 years. The amount of your monthly payments will depend on the amount of your loan and the total number of years you have been paying it off. The third option is an Extended Repayment Plan. Under this plan, you have 25 years to pay off your loan. Your monthly payments will be less than what they would be under the Standard Repayment Plan, but you will end up paying more in total due to the additional years. The fourth option is a Graduated Repayment Plan. Under this plan, your payments start low and gradually increase over time. This plan also allows you to have up to 25 years to pay off your loan. Finally, you can try to consolidate your student loan and reduce your monthly payment. This is done by combining multiple loans into one and extending the repayment period. All of these options allow borrowers to manage their student loan debt more effectively. It is important to understand the pros and cons of each repayment plan to decide which one will be the best for you. Speak to a loan officer in Wisconsin to discuss repayment plans that may be available to you and advise you on your best option.

What are my repayment options?

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