STUDENT LOAN

A student loan is designed to help students pay for university tuition, books, and living expenses. It may differ from other types of loans in that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school.

How to Choose the Right Student Loan Repayment Plan

The right repayment plan for you will depend on your income, credit history and many other factors such as your ability to support higher monthly repayments.

The most common are

Income Based: Pay 10-15% of your discretionary income over a 25-year term.

Pay as You Earn: Pay 10% of your discretionary income over a 20-year term.

Income Contingent: Pay the lesser of two options, being 20% of your income over a 25-year term, or a fixed amount over a 12-year term.

Student Loan Deferment

Deferment of a student loan means that you are given extra time before you start making repayments.

Other reasons for deferment might include illness, further education, major injuries, or unemployment.

Keep in mind that interest on the student loan continues to accumulate during deferment, making your total overall repayments more costly.

Source: (http://www.huffingtonpost.com/stephen-dash/how-to-choose-the-right-s_b_7874398.html?ir=India&adsSiteOverride=in)

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