{"id":353,"date":"2014-03-17T14:42:48","date_gmt":"2014-03-17T14:42:48","guid":{"rendered":"https:\/\/blogs.wp.missouristate.edu\/finaid\/?p=353"},"modified":"2014-03-17T14:42:48","modified_gmt":"2014-03-17T14:42:48","slug":"payment-options","status":"publish","type":"post","link":"https:\/\/blogs.wp.missouristate.edu\/finaid\/2014\/03\/17\/payment-options\/","title":{"rendered":"Payment Options"},"content":{"rendered":"<h2>Repaying your student loans<\/h2>\n<p>Sallie Mae is committed to giving you the information and tools you need to understand and evaluate your student loan payment options. We can help you find an option that fits your budget, simplifies payment, and minimizes your total interest cost.<\/p>\n<h3>Before you choose a repayment plan<\/h3>\n<ul>\n<li>Understand the repayment options available to you. Sallie Mae offers standard, <a title=\"Graduated repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/graduated-repayment.aspx\">graduated<\/a>, income-sensitive, <a title=\"Income-sensitive repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/income-sensitive-repayment.aspx\">income-based<\/a> and <a title=\"Extended repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/extended-repayment.aspx\">extended repayment<\/a> plans on federal student loans.<\/li>\n<li>Realize that combined billing is available for Sallie Mae-serviced loans.*<\/li>\n<li><strong>Compare your repayment options.<\/strong> Estimate your monthly student loan payments for eligible Sallie Mae loans with our <a title=\"Loan Repayment Calculator\" href=\"\/tools\/loan-repayment-calculator\/default.aspx\" target=\"_self\">Loan Repayment Calculator<\/a>. Or, if your loans are in repayment, you can view repayment plans that may be available for your loans at <a title=\"Manage Your Loans\" href=\"https:\/\/www.salliemae.com\" target=\"_blank\">Manage Your Loans<\/a><\/li>\n<li>Know that you can <strong>prepay your loans<\/strong> in part or in full at any time <strong>without penalty<\/strong>. This will lower the overall cost of your loan.<\/li>\n<li>Realize the importance of <a title=\"Borrower responsibilities\" href=\"\/manage-your-money\/manage-student-loans\/borrower-responsibilities\/default.aspx\">paying back<\/a> your student loans.<\/li>\n<li>Understand that choosing a plan with lower payments may result in higher costs over the life of the loan.<\/li>\n<\/ul>\n<h3>Lower monthly payments<\/h3>\n<p>Payment amount reduction may be available for those who qualify. Federal student loan repayment plans offering lower monthly payment amounts than the standard repayment plan are:<\/p>\n<ul>\n<li><a title=\"Extended repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/extended-repayment.aspx\">Extended repayment<\/a><\/li>\n<li><a title=\"Graduated repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/graduated-repayment.aspx\">Graduated repayment<\/a><\/li>\n<li><a title=\"Income-sensitive repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/income-sensitive-repayment.aspx\">Income-sensitive repayment<\/a><\/li>\n<li><a title=\"Income-Based Repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/income-related-repayment.aspx\">Income-driven repayment (e.g., income-based, Pay As You Earn, income-contingent)<\/a><\/li>\n<\/ul>\n<h3>Lowest overall loan cost<\/h3>\n<p>Make level monthly payments of principal and interest to help control interest costs.<\/p>\n<ul>\n<li><a title=\"Standard repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/standard-repayment.aspx\">Standard repayment<\/a><\/li>\n<\/ul>\n<h3>Postpone your payments<\/h3>\n<ul>\n<li><a title=\"Understanding deferment\" href=\"\/manage-your-money\/manage-student-loans\/borrower-responsibilities\/understanding-deferment.aspx\">Deferment<\/a><\/li>\n<li><a title=\"Understanding forbearance\" href=\"\/manage-your-money\/manage-student-loans\/borrower-responsibilities\/understanding-forbearance.aspx\">Forbearance<\/a><\/li>\n<\/ul>\n<h3>Private student loans<\/h3>\n<p>Eligibility for Sallie Mae private student loan repayment plans may vary by loan type, loan balance, and disbursement date.<\/p>\n<p>The Sallie Mae Smart Option Student Loan<sup>SM<\/sup> first disbursed June 1, 2009 and later requires monthly interest-only payments during the in-school and separation periods. Check the terms of your loan&#8217;s specific Promissory Note and log in to <a href=\"http:\/\/www.salliemae.com\/after_graduation\/manage_your_loans\/managing_account\/MYL-select-login.htm\" target=\"_blank\">Manage Your Loans<\/a> to see if your loan status shows repayment. If so, and you are enrolled in school, then you are not eligible for other repayment options at this time.<br \/>\nPrivate student loans first disbursed before June 1, 2009, may be eligible for <a title=\"Graduated repayment\" href=\"\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/graduated-repayment.aspx\" target=\"_self\">graduated repayment<\/a> to lower the initial monthly loan payments.<\/p>\n<p>*Combined billing is available for eligible student loans that are serviced by Sallie Mae. Some restrictions may apply.<\/p>\n<p>Source: <a href=\"https:\/\/www.collegeanswer.com\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/\">https:\/\/www.collegeanswer.com\/manage-your-money\/manage-student-loans\/student-loan-repayment-options\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Repaying your student loans Sallie Mae is committed to giving you the information and tools you need to understand and evaluate your student loan payment options. We can help you find an option that fits your budget, simplifies payment, and minimizes your total interest cost. Before you choose a repayment plan Understand the repayment options [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[2,7,12],"tags":[14,27,29],"class_list":{"0":"post-353","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-budgeting","7":"category-loans-2","8":"category-studentloans","9":"tag-createbudget","10":"tag-money","11":"tag-planning","12":"entry"},"_links":{"self":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/comments?post=353"}],"version-history":[{"count":0,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/posts\/353\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/media?parent=353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/categories?post=353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.wp.missouristate.edu\/finaid\/wp-json\/wp\/v2\/tags?post=353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}