Millions of American college students struggle to pay for or finance expensive tuition bills as undergraduates and graduate students. There are many types of repayment plans offered by loan companies and banks that fit different needs and circumstances. One type of repayment plan is the graduated repayment plan, which gradually increases the amount of your monthly payment over time. This type of payment plan can help many individuals, but if you have other debts and are struggling to pay them back, it may not be enough help.
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If you or a loved one is facing increasing levels of debts and needs serious help, filing for bankruptcy could provide you the help you need to get back in control of your finances. Speak with a local attorney who understands bankruptcy law and how it can benefit your individual case.
How Graduated Repayment Works
Typically, individuals will pay back loans according to a standard repayment option, which is a set amount that a person will repay month after month until the entire loan is paid off. The graduated plan differs in the following ways:
You pay lower amounts first and higher amounts later on For federal loans, the repayment period is no higher than 10 years
This type of repayment plan is beneficial for many individuals. However, for those with multiple sources of debt, this may not be the best option. Additionally, switching your loan repayment option may help but it may not be enough when you have other debts that you must repay.
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