Extended repayment may be an option for those grappling with student loan debt

While many students seek out college scholarships and grants as a means of reducing the cost of their tuition, turning to student loans may be the only way for some individuals to cover the expenses of a degree program. Unfortunately, some people will be paying off these loans for years to come, so an extended repayment plan may be the ideal choice to give them time to find a job and a means of paying these loans back.

According to StudentLoanBorrowerAssistance.org, an extended repayment plan is available to those who have an overall loan and accrued interest totaling more than $30,000. This opportunity extends to Federal Family Education Loans and Federal Direct Loans as well.

This plan allows a student to restructure his payments on a fixed or graduated pay schedule for up to 25 years. These payments will be less than the standard repayment plan, but the student will have to pay more interest over the life of the loan.

Student loans are a necessity for many individuals, but knowing the many repayment options can help graduates find the means to pay them back responsibly.  

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