Federal student loan repayment: you have options

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	Class of 2016 Christopher Newport University   update
		Knowing your federal student loan repayment options Let's face it: most students take on debt without fully understanding how long it'll take to pay it back and how much it'll end up costing. That's why you should use PayBackSmarter, which allows you to look at your student debt over the entire repayment period, showing you how long it'll take and how much it'll cost to get debt free under the following payment plans: Standard repayment When you take out a student loan, you start here: you'll make equal payments over ten years. Extended repayment This plan is designed for those with more student debt than they can handle. It extends the standard repayment period from 10 years to 25. Graduated repayment Your monthly payments start low and increase every two years over the 10-year repayment period. This is good for those who are confident their income will increase over time. Income-based repayment This plan uses your current income information (provided yearly) to calculate a monthly payment you can afford. It also cancels any remaining debt after 25 years of payment. The lesson here: picking the right plan, paying what you can afford, and getting out of debt faster saves you time and money. Planning ahead (or paying now, before you have to) just means you can crush your debt faster using less cash. Forward to a friend! The average Harvard University graduate has $10,102 in student loan debt. This will end up costing them $13,950 between now and 2022. But if they make an extra $50 payment every month, they'll be out of debt 3 years faster while paying over $1500 less. Financial literacy for college students Stuff you really should know. Practically essential. Borderline life-saving. We're low-maintenance and pretty good-looking. "Like us" on Facebook and as soon as we hit 7,000 fans, we'll give away a free iPad! And don't forget to follow us on Twitter. Weekly poll Have you started saving for your future loan payments? Yes No If you do not receive a confirmation page after clicking submit, please click here. Results from last week Are you already worried about your student debt? 92% said yes. 8% said no. Useful links Deals on textbooks Test prep comparison College cost calculators
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