What are the different repayment options for student loans?

Repayment options for student loans in Oregon will depend on the type of loan. Generally, there are four types of student loan repayment plans: Standard, Graduated, Extended, and Income-Driven. Standard Repayment Plan : This plan is typically used for Federal Stafford and Direct loans. The loan is paid off over a 10 year period with a fixed monthly payment amount. Graduated Repayment Plan: This plan is used for Stafford and Direct loans. Payments start low and increase every two years. The loan is paid off over 10 years. Extended Repayment Plan: This plan is offered for both Direct and FFEL loans. The loan is paid off over a 25-year period with either a fixed or graduated payment amount. Income-Driven Repayment Plan: This plan is offered for both Direct and FFEL loans. The monthly payment amount is based on the borrower’s income and family size. The loan is paid off over a 20-25 year period. For both Stafford and Direct loans, there is also a Deferment and Forbearance option which allows the borrower to temporarily delay payments when certain financial hardships are present. In addition to the options listed above, there are also loan consolidation options available which allow borrowers to combine multiple loans into one and possibly reduce their monthly payments. It is important to understand the different repayment options available. It is also important to remember that if you default on a student loan in Oregon, it can have serious consequences. If a student loan is in default, the borrower should contact their loan servicer immediately to discuss their options.

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What are the different repayment options for student loans?

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