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Repayment
Options
College Access Network
offers
a choice of repayment options. It's easy to find one
that fits into your budget.
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Selecting
a Repayment Option
When you leave school or drop below
half-time enrollment, you will begin your 6-month
grace period.
If you have any concerns about your ability to make
payments, contact
College Access Network
immediately.
Chances are good that there is a repayment option
to fit your situation.
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Standard
Repayment
Standard repayment is the most
common payment schedule option and is the option assigned
to you if you do not select another plan. Loan(s)
are repaid in equal installments over a ten-year period.
Your monthly payment is determined by the amount of
the loan and the length of the repayment period. Generally,
this option is the fastest and most economical method
of repayment.
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Graduated
Repayment
Graduated repayment begins with
lower loan payments that increases until the balance
of the loan is repaid. The amount of interest paid
over the life of the loan is higher with this option
than with standard repayment.
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Income
Sensitive Repayment
Income sensitive repayment begins
with a monthly payment amount that is adjusted annually
to reflect changes in your income. Your payment is
based on your monthly income and student loan debt.
This option may be used for a maximum of five years,
when the account will be converted to standard or
graduated repayment.
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Extended
Repayment
Extended repayment may be available
to you if you borrowed on or after October 7, 1998
and have a considerable outstanding loan balance.
The maximum repayment period is 25 years.
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