You can change your repayment plans any time. If you want to discuss the repayment plans you can contact your loan servicer for available options or even to change your repayment plans. Listed here are a few of your options on how to choose the best student loan repayment plan for you.

Also, get more information about the federal student loans received then find a suitable loan servicer for the loans using national student loan data system or NSLDS.
Take note that private student loans you received are not part of federal loans, therefore are not included in the NSLDS. Perkins loan repayment plan is not the same like that one for Direct Loan Program or even FFEL program loans. You can check with your schools for more of this information on repayment plans.

If you are a student with multiple federal loans, it is important that you first of all consolidate the loans into one Direct Consolidation Loan. This is to simplify the repayment particularly if you are currently making different loan payments to varied servicers or loan holders. There can be tradeoffs and so you need to know more about the upsides and downsides of consolidation before you actually consolidate.


How to choose repayment plan

Many people feel naturally invincible after completing education and graduating. One thing though is never let your confidence turn into overconfidence. Know that even as you start your productive life, you still have a huge debt on your shoulders and that needs to be repaid as fast as possible. Therefore choice like consolidation of debts has many advantages ands will be ideal for you too.

Advantages of debt consolidation

First, you will have only a single loan to be repaid every month which is much better than being with several debts. If you are spending more time looking for employment then consolidation is the solution for you. Search for the right repayment plan which offers a good deal at low interest rate.

Federal consolidation programs

These programs offer low interest rates and are not variable. In variable interest rate plans there is low initial rate but the debt normally rises fast. Many of these consolidation programs offer graduated payment for those who take consolidation repayment programs for student loans. It enables you to start with low monthly payments and then you can proceed to pay more with increased earning.

Graduated payment option

This is particularly good for those who have graduated but still do not have a job or initial salary is not that adequate for saving. This option will help you overcome the shortage without necessarily defaulting on your loan. This actually helps you save more money to help in your student loan repayment.

The good thing with federal student loan is that you have 6 months grace period after which you will commence payment of your loan. The repayment plan starts after six months and if you have trouble fulfilling that then you have other options to consider deferring payments for months or even years. Choose the most relevant repayment plan that you are comfortable with.