Federal student loans offer several repayment plans that reduce the monthly payments by stretching out the term of the loan. Increasing the repayment term often increases the total interest paid over the life of the loan. Options include level payments that remain unchanged throughout the repayment term, graduated payments that increase every two years and payments that increase as the borrower’s income increases.
PrivateStudentLoans.com recommends you consider all financial aid alternatives including grants, scholarships and federal loans
(Federal Stafford, Federal Parent PLUS, Federal Grad PLUS) prior to applying for private student loans.