Call

(800) 306-1990

Email

[email protected]

Schedule a Call

BookRS15.com

Application

sltloanapp.com

Add To Contacts

Download vCard

  

Extended Repayment: Why Does It Cost More Money?

Hi,
I wanted to chat with you about something that needs to be clarified: extended student loan repayment plans. Understanding these plans can be crucial as you research and buy a home.
Let's break this down.
Extended repayment plans may seem like a good deal initially because they start with lower payments. But there's a catch - you pay more in the long run.
There are two main types of these plans:
⚡️Extended Graduated Plans: Your monthly payment increases every two years, and the repayment period extends beyond ten years.
⚡️Graduated Plans: You pay the same monthly amount, but the repayment period is over ten years.
These options result in lower payments than the standard 10-year plan, which everyone is automatically put on. But here's the thing: if your interest rate is over 5%, stretching out your loan with these extended plans is like turning your student loan into a long-term mortgage. You'll pay more over time; these plans don't forgive any interest.
According to the US Department of Education, nearly 2 million Americans are on these extended plans. If you're struggling to afford your payments, an income-driven plan, such as PAYE, REPAYE, or IBR, may be a better option. You can see which repayment plan is best for you on the recommendations tab with LoanSense.
The great thing about income-driven plans is that you can receive government interest subsidies and forgiveness over time. Yes, you'll need to file paperwork every year, but it's worth avoiding the thousands of extra dollars you might end up paying on an extended plan.
Remember, it's all about understanding your options and making informed decisions. Don't hesitate to ask if you have any questions.

Reviews

"Ron has amazing insight into the financial and real estate markets."

doug waldman

"Great services. Communicative , well educated and was very helpful overall. Highly recommend"

samantha dalby

"Looking forward to partnering with Ron for our community event (Open House on June 23rd, 2024) at American Legion Post 132!"

diana trujillo

"Ron is a stand up man! He is always available to help and is a wealth of knowledge in the lending world. Genuine and honest and hardworking! Thank you for your help over many many years!"

gilda johnson

"Be wary of who you do business with. A quick google search will show that Ron will promote contempt in a community and he is not interested in doing as he says. He recently made fun of the victims of mass shootings in his “orange county buzz” facebook group and should not be allowed to do business if he is going to promote hatred. Ron’s response below highlights his ignorance. If you disagree even politely with him he will try to shut you down instead of being a reasonable human being. Again - further proof that he should not be doing business in a community where he does not promote anything other than hate and discontent in it."

matt ward

"Ron Siegel and his staff did a tremendous job. I used Ron and his team to refinance my primary residence several times, to secure financing for a new home that I later refinanced and for the refinance of a rental property. Ron Siegel and his team made the process seamless each time."

scott smith

"Ron was very professional, courteous, and answered all our questions in a timely manner. I would highly recommend him. Thanks Ron!"

f coleman

"Ron was available day and night , 7 days a week . He was very detail oriented and very thorough with his answers to my many questions thru the process of my loans. I would highly recommend him."

matthew holcomb