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  • 2m.
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    Using Extended Repayment

    If you can't afford your student loan payments, you may be able use extended repayment, which reduces the amount you owe each month and gives you up to 25 years (instead of 10) to finish paying back your loans.
    Updated: September 14, 2015

    What You'll Learn

    • How extended repayment can reduce your monthly student loan payments.
    • What the drawbacks are to paying less for a longer time.
    • What qualifies you to use this repayment option.

    If you can't afford to make monthly payments on standard repayment, you can stretch your repayment period to as long as 25 years with extended repayment—and make smaller payments.

    The Basics

    Not every federal student loan borrower is eligible to use extended repayment. To qualify, you must have borrowed at least $30,000 in loans through either the Federal Family Education Loan Program (FFELP) or Direct Loan program. In addition, if you took out your oldest loan before October 7, 1998, you cannot use this option.

    If you qualify, here's how extended repayment works:

    • Your monthly payments are lowered, but you’ll make them for longer.
    • Depending on how much you borrowed, you could have up to 25 years to repay your student loan (300 payments).
    • If you don't qualify for income-based repayment or income-contingent repayment, extended repayment is a good alternative.

    Get Your Payment Estimate

    The Fine Print

    Extended repayment does have a couple limitations and restrictions:

    • You must have borrowed at least $30,000 in loans through either the FFELP or Direct Loan program.
    • If you took out your oldest loan before October 7, 1998, you won't be eligible for this program.

    Stacking It Up

    Here's what your monthly payments could look like under extended repayment compared to other plans:

    Since extended repayment gives you more time to repay, you'll likely wind up paying more interest over the life of the loan—which means more money overall, compared to other plans (see graph below). If you need to use this plan, you can always save yourself some money by extending your payments by a few years instead of stretching it to the maximum of 25.

    The   repayment period   will vary for each repayment plan. To find out how long you will be making payments under this repayment plan and how we came up with these numbers,   check out the bottom of the page.

    Changing Your Repayment Plan

    If you've decided that you definitely need to lower your monthly payment, then take the following steps:

    • Step 1: Review your repayment options. Depending on the type of student loan you have, your options may vary.
    • Step 2: Call your loan servicer. They may be able to make the change for you over the phone—or you may need to fill out a form or take other steps to provide them with additional information.

    Not sure who your servicer is? Visit the National Student Loan Data System (NSLDS®) to find all of your federal student loans information, including the name of your servicer.

    What's NSLDS? Go To NSLDS

    Showing Our Work

    To come up with the numbers above, we used the following information:

    Original Amount Owed$35,000
    Interest Rate6.8%
    Annual Income$25,000
    Monthly Income$2,083
    Family Size1
    Repayment Period300

    Usa el Plan de Pago Ampliado

    Actualizado: 14 septiembre 2015

    Si no puedes permitirte hacer pagos mensuales con el Plan de Pago Básico, puedes maximizar tu período de devolución hasta 25 años (y realizar pagos más pequeños) con el plan de pago ampliado.

    Dependiendo de tu situación financiera y tu plan de devolución, tus pagos mensuales pueden incrementarse con el pasar del tiempo. El período de devolución varía en cada plan de pago. Para descubrir por cuánto tiempo tendrás que realizar pagos con este plan de devolución, y de dónde salieron esos montos, revisa el final de la página.

    Cómo funciona:

    • Tus pagos mensuales se reducirán, pero tendrás que hacerlos por más tiempo.
    • Dependiendo de cuánto prestaste, podrías tener hasta 25 años para devolver tu préstamo estudiantil (300 pagos).
    • Si no calificas para el plan de pago basado en los ingresos (IBR, por sus siglas en inglés) o el Plan de Pago Condicional al Ingreso (ICR, por sus siglas en ingles), la devolución ampliada puede ser una buena alternativa.

    Obtén una estimación de tu pago

    La letra pequeña

    Restricciones y limitaciones para el plan de pago ampliado:

    • Tienes que haber sacado al menos $30,000 en préstamos por medio del programa FFELP o el programa de Direct Loan.
    • Si obtuviste tu préstamo más antiguo antes del 7 de octubre de 1998, no eres elegible para este programa.

    Acumulación

    El período de devolución varía en cada plan de devolución. Para descubrir por cuánto tiempo tendrás que realizar pagos con este plan de devolución, y de dónde salieron esos montos, revisa el final de la página.

    Cambia tu plan de pago

    Si decidiste que definitivamente necesitas reducir tus pagos mensuales, entonces debes hacer lo siguiente:

    • Paso 1: Verifica tus opciones de devolución en Salt. Tus opciones pueden variar dependiendo del tipo de préstamo estudiantil que tengas.
    • Paso 2: Llama a tu administrador de préstamo. Es probable que tú administrador de préstamos pueda hacer el cambio por teléfono, o puede requerir que le proporciones información adicional, como un formulario.

    ¿No sabes quién es tu administrador de préstamos? Visita el sistema nacional de registro de préstamos educativos (National Student Loan Data System o NSLDS, por sus siglas en inglés) y averigua toda la información acerca de tus préstamos estudiantiles federales.

    ¿Qué es el NSLDS? Ir al NSLDS

    Nuestro trabajo

    Para determinar las cifras de arriba, usamos la siguiente información:

    Monto que se debe originalmente$35,000
    Tasa de interés6.8%
    Ingreso anual$25,000
    Ingreso mensual$2,083
    Tamaño de la familia1
    Período de pago300
    Was This Useful?

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