Loan term is not extended, therefore the monthly payments at the end of the term are higher in order for the loan to pay out within the federally mandated term. Repayment can be extended over a maximum of 25 years. The Student Loan People participate in the Federal Consolidation Program and can consolidate eligible student loans. More information regarding the eligible loans can be obtained in the Consolidation section. Consolidation offers terms based on the student loan balances, therefore the monthly payment is usually less.
Consolidation also offers the convenience of making only one monthly payment.
If the term of the loans are extended in consolidation, the total interest paid during repayment will be increased. These repayment options are available to help borrowers select the optimum method of repaying their student loan obligation. The Student Loan People also offers alternatives to help borrowers make their monthly payments during periods when they might be experiencing financial problems. Borrowers might be eligible for deferments or forbearances . The Student Loan People E-Pay is now available.