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Extended Repayment
Looking for a way to significantly lower your monthly payment on your federal
student loans? The Student Loan People offer an extended repayment plan that might
be right for you. The extended repayment plan offers a lower payment spread over
25 years instead of 10 and offers a fast, effective alternative to consolidation of
your student loans.
Extended Term Eligibility Requirements:
- Must be Stafford, PLUS or Federal Consolidation Loans.
- You must owe more than $30,000 in these specific federal loans
- These loans must have been disbursed on or after October 7, 1998
- Loans can be serviced by multiple lenders. Consolidation is not necessary
- Private and Perkins Loans are not eligible
An extended term payment solution is a quick, effective way to lower your current
payments, possibly before your next payment is due. This solution lowers your
monthly payment through extension of the loan term but does not freeze your
interest rate, and more interest is charged over the life of the loan. This is an
equal payment option for 25 years.
Mail form to:
The Student Loan People
P.O. Box 24266
Louisville, KY 40224
Or fax form to: (502) 638-7477.
Example of Payment Possibilities:
$30,000 loan, monthly payment at 7.22% on a 10-year plan = $352
Extended term payment on a 25-year plan = $216 per month
Updated: 7/16/2008
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