Repayment of most federal student loans can be postponed to some point in the future. Depending on the individual borrower, there are repayment plans that are income-based, plans that extend the term of the loan, or plans specifically for parents or graduate students. In the United States, the government offers specialized plans that are geared specifically towards the repayment of federal student loans. For more information, use the Auto Loan Calculator. Borrowers can also choose to pay more (but not less) than the required repayment amount. Like mortgage loans, auto loans need to be repaid monthly, usually at fixed interest rates.
For more information, use the Mortgage Calculator. This calculator does not consider variable rate loans. Borrowers can choose to pay more (but not less) than the required repayment amount. For fixed-rate mortgages, the monthly repayment amount is fixed throughout the loan term. In the U.S., mortgages are required to be repaid monthly using fixed or variable rates, or even switched from one to the other during the life of the loan. The following are four of the most common loans. In the U.S., most of the consumer loans are set to be repaid monthly. For instance, this may be a set amount of disposable income determined by subtracting expenses from income that can be used to pay back a credit card balance. The calculated results will display the loan term required to pay off the loan at this monthly installment. Fixed InstallmentsĬhoose this option to enter a fixed amount to be paid each month until the loan and interest are paid in full. The calculated results will display the monthly installment required to pay off the loan within the specified loan term. For instance, the calculator can be used to determine whether a 15-year or 30-year mortgage makes more sense, a common decision most people have to make when purchasing a house. Fixed Loan TermĬhoose this option to enter a fixed loan term. In the calculator, there are two repayment schedules to choose from: a fixed loan term or a fixed installment. The repayments of consumer loans are usually made in periodic payments that include some principal and interest. Repayment is the act of paying back money previously borrowed from a lender, and failure to repay debt can potentially force a person to declare bankruptcy and/or severely affect credit rating. You can get a refund if you paid back too much of your loan because you were on the wrong plan type.Related Mortgage Calculator | Auto Loan Calculator | Credit Card Calculator | Loan Calculator If it’s different from the plan in your letter, show this to your employer so they can update your payroll details. Then ask your employer which plan they have you on. If you think you’re on the wrong planĬheck which plan you’re on by signing in to your online account and downloading your ‘active plan type letter’. You’re on Plan 1, whether you studied an undergraduate course or a postgraduate course. If you applied to Student Finance Northern Ireland You’re on Plan 4, whether you studied an undergraduate course or a postgraduate course. If you applied to Student Awards Agency Scotland If you started your course before 1 September 2012 a Postgraduate Loan plan if you studied a postgraduate master’s or doctoral course.Plan 2 if you studied an undergraduate course or a Postgraduate Certificate of Education (PGCE).If you started your course on or after 1 September 2012 The repayment plan you’re on depends on when you started your course and what type of course you studied. You’ll be on a Postgraduate Loan plan if you’re studying a postgraduate master’s or doctoral course. you take out a Higher Education Short Course Loan.If you started your course between 1 September 2012 and 31 July 2023
You’ll be on Plan 2 if you take out a Higher Education Short Course Loan.
If you applied to Student Finance England If you have more than one loan, you could be on different plans.