In case your earnings are low at present, however, you foresee it will likely increase steadily over time, the Graduated Repayment Plan might be right for you. The qualified loans for Graduated Repayment plan include Subsidized and Unsubsidized Stafford, PLUS Consolidation, Student PLUS, Parent PLUS, and TEACH.
On a Graduated Repayment Plan, payments begin low and continuously increment throughout the years, making this maybe a wise decision for young professionals who hope to earn more money as they progress in their career. Payment sums rise at intervals of two years until the outstanding amount is paid completely. Note, on this plan the amount paid as interest is greater than on the Standard Repayment Plan.
To find out how to apply schedule a free consultation with our Graduated Payments Plan expert.