Simple Student Loan solutions will first provide you with a free consultation and analysis of you student loan situation. We will help you identify the different options available to you based on your situation and then assist you with applying for and obtaining the best possible consolidation program available. Some of the options available include:
Federal Student Loan Consolidation – Do you have multiple loans with multiple lenders? Maybe your deferment or forbearance option has expired or about to expire? Are you finding it difficult to keep up with your monthly payments? If you answered yes to any of these questions, a federal student loan consolidation may be what you are looking for. Repayment plans currently available include:
Standard Repayment – You’ll pay one, easy monthly payment for all eligible federal loans. Payments are typically $50 or more. Through this plan, your loans will be repaid quickly but you may have a higher payment than what the other plans offer.
Income Contingent (ICR) – This consolidation plan payment is based on your adjusted gross income (including your spouse’s income if you are married), family size and the amount of your federal student loans.
Income Based (IBR) – This consolidation plan payment will be based on your income during the time you have experienced a qualified hardship. Your monthly payment may be adjusted annually and the repayment period under this plan may exceed 10 years. An IBR plan is based on your monthly income. Graduates with a low monthly income may qualify for a payment as low as $0 a month.
Pay as you earn repayment – This plan usually has the lowest monthly payment of the plans that are based on your income. The plan payment may increase or decrease each year based on your income and family size.