Ideal for borrowers capable of meeting full monthly principal and interest payments. Federal Nursing Student Loans may be consolidated into one new loan with new terms Interest rate is a weighted average of the loans being consolidated, rounded up to the nearest whole percent. Extended repayment term of up to 30 years. Graduated Repayment For short-term relief. Monthly payments which gradually increase to ensure repayment in ten years.
Lender sets minimum monthly payment.
Assumes borrower's income growth over time will cover the increasing loan payments. Total interest paid will be higher than the standard repayment plan. Income-Sensitive Repayment Provides a temporary safety net. Payments that increase or decrease each year as income rises or falls. Ten-year repayment period, which can be extended annually up to five years if payments are less than standard principal and interest.