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This is a huge benefit to the program that is often overlooked by our clients until we explain to them this benefit.The calculation for the Standard Repayment Formula is: The graduate repayment plan is similar to the standard repayment plan in its calculation, but the major difference is that for the first few years under the graduated plan you are only paying interest on the loan.
Once your term is over your loan is completely forgiven.What this does for you allow you to have then a payment based on your income, which may prevent you from falling into on your loans.In many cases, your payment can roll to zero on your loans.You will pay less interest on a standard repayment plan than you will under the graduated.Often customers that do not qualify into either of the Income Based Repayment plans do not see a benefit of consolidating their loans into a Standard Repayment plan when their current payment can be nearly the same.The term is always based on the size of the loan, in which case you can use the chart below.
Depending on your income and family size, the standard repayment plan can be a good option for you if The standard repayment plan allows you to take care of your loans on time if you are making regular and full payments on them.This is not a deferment status, which essentially pauses your term.You would have a zero payment for however long your hardship lasts, and the term continues to move forward.For this reason, the graduated plan, in the beginning, is always less than the standard repayment plan.You start off only paying interest on the loan and after every two years, your payment increases. This page is designed to explain how the calculations are made, and also to assist you on when it may be wise to choose one repayment plan over another.