Part of the reason why so many people have consolidated their education loans through Collegiate Funding Services is because we offer a variety of repayment plans and terms. These plans have been created with your unique needs in mind and are designed to make it as easy as possible for you to manage your money your way.
Depending upon the amount of your student loan debt, you can stretch your repayment term by up to 30 years.1 Lengthening the repayment term of your loan will significantly reduce your monthly payment. You should note that your extended repayment term will increase the total amount of interest you pay on your loan. However, because there are no prepayment penalties, you can reduce your interest cost by increasing the amount you pay each month or by paying off your loan early — without a penalty or fee.
Available repayment terms for Federal student loans:
| Total Student Loan Debt | Maximum Repayment Term |
|---|---|
| Less than $7,500 | up to 10 Years |
| $7,500 to $9,999 | up to 12 Years |
| $10,000 to $19,999 | up to 15 Years |
| $20,000 to $39,999 | up to 20 Years |
| $40,000 to $59,999 | up to 25 Years |
| $60,000 and greater | up to 30 Years |
Note: A new borrower on or after October 7, 1998, with an outstanding balance of principal and interest in Federal student loans totalling in excess of $30,000 may repay over a 25-year period on a level or graduated payment plan. (See Repayment Options below for details.)
A level repayment plan may be best suited for you if you wish to take control of your loan payments with a lower fixed monthly payment.
This plan may be best suited for you if your current earnings are low but are expected to increase in the near term.
This plan may be best suited for you if your current earnings are low but are expected to go up in a few years.
This plan may be best suited for you if you are experiencing extreme financial problems and may be in danger of defaulting on your loans. With this plan, your payments are based upon your income and are adjusted annually.
Note: It is the borrower's responsibility to provide adequate documentation of their income. Information provided should be sufficient for the lender to make a determination as to what the monthly loan payment amount will be.
A new borrower on or after October 7, 1998, with an outstanding balance of principal and interest in Federal student loans totalling in excess of $30,000 may repay over a 25-year period on a level or graduated payment plan. Under the other repayment options available in the consolidation program, you must have at least $40,000 in debt to qualify for a 25-year repayment period. If you have debt in excess of $60,000 and wish to repay over a 30-year period, you should select one of the other repayment options.
1. Based on total outstanding principal amount of your educational debt, including federal loans you choose not to consolidate and/or private educational loans. Default loans may not be considered. All other unpaid education loans may not exceed the amout of loans being consolidated.