How to Extend Payments on Student Loans

Step-by-Step Guide

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   Step 1: Access your lender's website and either log in to your account or search for student loan repayment plan options.

   Typically, there are 4 options for extending payments: graduated repayment, income-sensitive repayment, extended repayment and loan consolidation.
   
   Graduated repayment allows you to make low payments that increase gradually over time.
   
   Income-sensitive repayment bases your student loan payments upon your income.
   
   Extended repayment allows you to make payments over a longer period of time, which makes each monthly payment lower.
   
   Loan consolidation lumps together all of your federal student loans into 1 loan with a manageable interest rate. ,,,,,
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   Step 2: Read about the repayment plans available that will extend your student loan payments.

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   Step 3: Download the necessary application forms for the repayment plan upon which you have decided.

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   Step 4: Fill out all of the relevant information on the forms

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   Step 5: read the terms and conditions of the new repayment plan

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   Step 6: and sign the documents.

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   Step 7: Compile any additional documents that you will need to send with your application forms

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   Step 8: such as federal income tax forms

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   Step 9: pay stubs or any other proof of income.

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    Step 10: Make copies of all documents and application forms for your own records.

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    Step 11: Fax or mail all documents to the address provided by your lender.

Detailed Guide

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