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Repaying Student Loans - A Logix Video Blog

Posted by Admin on 7/25/2017

 

So you’ve finally graduated from college.

And now it’s time to repay those loans you’re loaded up with.

You usually have four ways you can do that.

  • First, the Standard Repayment. You have up to ten years to pay the loan back drop by drop.  You’ll pay a fixed amount every month.

  • Then there’s Extended Repayment.  You pay a fixed amount for a longer amount of time, usually up to 25 years.  You’ll pay more in interest, but with big loan amounts, it’s a good option.

  • Another option is Graduated Repayment.  When you’re starting out your paycheck is small. Hopefully it will get larger. Graduated repayment mirrors that, with smaller payments to start, and larger as the loan goes along.

  • Finally, there’s Income-Based Repayment. Each year you can have your monthly payment adjusted based on what you’re actually earning—up or down.

Two things—you can switch plans if you need.  Keep in mind not all plans are available with all loans so contact your lender.

Whatever you choose, you’ll at least have a path to being debt free.

Do us a favor please.  Tell your friends about us so they can be smarter about their money too.

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Topics: Student Loans, Video Blog

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Feel free to peruse about. Here you’ll find stories, posts and tools aimed to assist you as you’re faced with daily to once-in-a-lifetime financial quandaries. This is your SmartLab (lab coat optional). We want you to get the most from our articles, and we welcome your ideas to help us continue to bring valuable content to you. Check out the comment section at the bottom of every post for easy ways to share feedback. We’re learning, too, and what better way to encourage smarter banking than to share tips and resources with each other? Not to mention, it’s a great chance for us to get to know each other!

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