Allow me to assist you with that. Under the Graduated Repayment Plan, payments start low and increase every two years. These payments will be made for up to 10 years.
Are you considered low income, but expect your income to increase over time?
Yes. I'll be making more money later on.
Great. This plan could be right for you.
Do you also know about on how my monthly payments will be if I have a Direct Consolidated Loan or FFEL Consolidated Loan?
In this instance, the length of the repayment period will depend on the amount of borrowing that is outstanding, known as your total education loan indebtedness, this debt includes any student loan debt you may have that is joined to your consolidation loan
Are FFEL Consolidation Loans eligible for this plan?
Yes, they are.
Another question, what consequences can I have if I do not recertify my family size and income before the annual deadline?
In this instance, any unpaid interest will be capitalized added to the principal balance of your loans. This will increase the total cost of your loans over time, because you will then pay interest on the increased loan principal balance
Can I ask something else? with respect to the Federal Loan. What other loans are eligible?
Most loans from the William D. Ford Federal Direct Loan Program and the FFEL Program are eligible for this plan.
Can I use the loan simulator to estimate my payments under the Graduated Repayment Plan?
Absolutely. We recommend that you use our loan simulator before you contact your loan servicer.
How will my payments differ with a FFEL Consolidation Loan?