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Repayment Plan "A"
1. Standard Repayment Plan (Repayment period is up to 10 years) With standard repayment, you will make a fixed payment of at least $50.00 a month for up to 10 years. For some borrowers, this plan results in the lowest total amount of interest paid because the repayment period is shorter than it would be under the other plans.. In general the shorter the repayment period the lower your total payment.
2. Extended Repayment Plan (Repayment period is 12-30 years) With extended repayment, you will make a fixed payment of at least $50.00 a month over a period that varies from 12 to 30 years, depending on the total amount of your Direct Consolidation Loan and other allowable education loans. Because you take more than 10 years to repay your loan under the extended plan, the amount of your monthly payment will be less than if you choose the standard repayment. However, the total amount you repay will be greater because you pay more interest.
3. Graduated Repayment Plan (Repayment period is 12-30 years) With the graduated repayment, your payments start out low, then increase, generally every two years. The length of your repayment period will vary from 12 to 30 years and depend on the total amount of your Direct Consolidation Loan and other allowable education loans. This plan might be great for you if you expect your income to increase steadily over time. The minimum monthly payment will be the greater of the interest that accumulates on your loan between payments or half of the payment you would make each month under the standard repayment plan. However, your monthly payment will never be more than one and one half times what you would pay under the standard repayment. Generally the amount you will repay over the term of your loan will be higher under the graduated repayment than under the extended repayment. However, the graduated repayment has the advantage of offering you lower payments earlier in your career.
4. Income Contingent Repayment Plan (Repayment period is up to 25 years) With income contingent repayment, your monthly payments will be calculated on the basis of your annual income and the total amount of your Direct Loans and family size. (Parents can not use this plan to repay Direct PLUS Consolidation Loans) It should be noted that if your student loans are in default this is the only repayment plan that you can qualify for.
Repayment Plan "C"
Level/Standard- Level repayment is the most common payment schedule option. Borrowers repay the loan(s) in equal installments over their repayment period. The minimum monthly payment is determined by the amount of the loan and the length of the repayment period. Generally, this option is the fastest and most economical method of repayment.
GRADUATED- Borrowers making graduated payments begin repaying their loans at a lower payment amount than normal. The amount increases every 2 years until the balance of the loan is repaid over a 10 year period. The amount of interest paid over the life of the loan is higher with this option than with Level Repayment.
INCOME SENSITIVE- With an income sensitive repayment schedule, the monthly payment amount is adjusted annually to reflect changes in the borrowers income, based on the total monthly income and student loan debt. This option may be used for a maximum of 5 years. Then the account will be converted to Level or Graduated repayment.
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One Plus One Systems, Inc. was established approximately 10 years ago, specializing in CREDIT RESTORATION and CREDIT REPAIR. In addition to our Student Loan Consolidation services we can help you repair and restore your credit so you can qualify for the purchase of a home, refinance, obtain a second mortgage an equity loan or auto loan at good interest rates.
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Repayment Plan "B"
LEVEL REPAYMENT- Equal monthly installments are made throughout the life of the loan. This option is usually calculated at the minimum installment amount using the maximum term available to pay off the loan. All federal loans combined on this schedule may have a minimum monthly installment of $50 as long as the loans will be paid off within the term alotted. All loan types are eligible for level repayment option.
SELECT 2- Select 2 Repayment Schedule requires payments equal to 31 days of interest at the current principal balance for the first 2 years, and equal payment amounts for the remainder of the repayment term. Select 2 Repayment Schedule requires a letter of request from the borrower. Select 2 Repayment Schedule is available to all borrowers who obtained loans through the Keybank Loan Programs and to borrowers who entered repayment on or after October 1st, 1995, who obtained loans through The Access Group Loan Programs.
SELECT 5- Select 5 Repayment Schedule includes interest only payments equal to 31 days of interest at the current principal balance for the first 2 years. The following 3 years of repayment are equal to 31 days of interest plus half of the amount of principal, which would be satisfied with a level payment amount and the remaining term as a level repayment schedule. Select 5 Repayment Schedule requires a letter of request from the borrower and is only available to borrowers who entered repayment on or after October 1st, 1995 and obtained their loans through Access Group Loan Programs
INCOME SENSITIVE- Monthly installments for this repayment option are based on 4% to 20% of gross monthly income. The installment must at least satisfy the accruing interest on a monthly basis. When compared to a Level Repayment Schedule, more interest will be paid over the life of repayment using this schedule because the principal balance will decrease at a slower rate. This schedule requires the completion of The Income Sensitive Worksheet.
GRADUATED REPAYMENT- Payment terms consist of monthly payments which increase every 2 years. The initial monthly payments are lower and increase gradually at 2 year intervals over the life of the repayment period. Graduated Repayment requires a letter of request from the borrower and is only available to borrowers who entered repayment before October 1st, 1995 and obtained their loans through The Access Group Loan Programs.
Repayment Plan "D"
Level Payment Plan
1.Equal installments for the life of the loan, with each payment covering principal and interest due that month.
2.Higher payments during the early years of repayment compared with MAX-2 and MAX-4 (see below) MAX-2 Graduated Repayment (maximum payment relief for 2 years)
3.Low interest only payments for 2 years
4.One step-up in year 3 to fixed payments for the remainder of your term.
5.Lower total loan cost than MAX-4 or Level Repayment. MAX-4 Graduated Repayment
6.Low interest only payments for 4 years.
7.Graduated step-ups in years 5, 6, and 7.
8.Fixed payments for years 7 through the remainder of the term.
9.Higher total loan cost than MAX-2 or Level Repayment. Income Sensitive Repayment
If you want to reduce your monthly payments, but find that the other repayment options don't meet your needs, you may want to consider Income Sensitive Repayment. You select monthly payments that are a percentage of your gross monthly income (4%-25%). You must re-apply annually for this repayment plan.
Extended Repayment Plan
If you obtained your first Federal Stafford, Federal Plus or Federal Consolidation Loan on or after October 7th, 1998, and the outstanding balance on these loans is greater than $30,000, you may be eligible for a repayment term of up to 25 years, and a choice of level or graduated repayment plans.
The Easiest Way To Find Out What Plan Best Suits You Is To Click Here And Fill Out Our Quick Info form
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