Student Loan Consolidation Repayment Plans
MyTuition.com offers seven different student loan repayments plans from which you can choose. The repayment term is a maximum
of 10 to 30 years, depending on the amount of your student loan debt.
- Equal Payment Plan - This option provides equal monthly payments over the term of the loan.
- Select 2/Graduated Payment Plan - This option allows for interest-only payments for the first two years
of repayment. In the third year, payments increase to level installments of principal and interest payments for the remainder
of the loan.
- Select 5/Graduated Payment Plan - This option allows for interest-only payments for the first two years
of repayment. In the third year through fifth years, payments increase to include a portion of principal. In the sixth year,
payments increase to level installments of principal and interest payments for the remainder of the loan.
- Income-Sensitive Payment Plan - This option provides for payments to be adjusted annually based on your
expected total monthly gross income from employment and all other sources. For spousal consolidation loans, monthly payments
are adjusted according to combined monthly incomes. Your account will initially be disbursed on a Select 2/Graduated repayment
plan. After the consolidation loan is disbursed, you must contact your servicer to qualify. Once eligibility is determined,
your servicer will calculate your new payment.
- Extended Equal Payment Plan - This option allows up to a 25 year repayment term of Equal Payments.
- Extended Select 2 Payment Plan - This option allows up to a 25 year repayment term with the Select
2/Graduated Payment Plan.
- Extended Select 5 Payment Plan - This option allows up to a 25 year repayment term with the Select
5/Graduated Payment Plan.