No problem. The basic information about it, is that you have the standard repayment plan where payments are fixed and made for up to 10 years between 10 and 30 years for those loans which are in consolidation.
Do you know why's that?
Yeah, I know. I read somewhere that this action will allow me to pay the least amount of interest in my loan, is that right?
That's correct. You are very well informed.
How do I figure out how much I'll have to pay?
You can Use our loan simulator. Loan Simulator provides a comparison of estimated monthly payment amounts for all federal student loan repayment plans, including income-based plans.
Okay,  good. Now, regarding consolidation loans, is it the same for those Direct Consolidation or FEEL Consolidation loans?
Not quite. In those cases, the length of your repayment period will be determined depending on the amount of your total education loan indebtedness. That includes the amount of your consolidation loan and your other student loan debt.
I'd like to learn more about this Plan as well. What is the best way to locate my lender's contact information?
You can find this information on your My Federal Student Aid account.
Oh well. I'd like to ask if whenever I take out a loan, I have the option of repaying it however I want, right?
Certainly, you can. You have options for doing the choosing when is time to repay your loan. That's when you make use of the plans.
SO, lets say i go for these plans under the standard repayment thing, What do i get there?
To be more specific there, your payments by the month would be in a fixed amount of at least $50 each month and made for up to 10 years for all loan types. However, Direct Consolidation and FEEL Consolidation loans are excepted.
Then, to check sure this. I'll save money for abiding this standard plan, I'm right?