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Student Loan Repayment Options

A number of student loan repayment options are available. Given the variety of plans, you can surely find a method to fit your needs. Those include:

  • Normal Repayment Options
    • Standard — same monthly payment each month
    • Graduated — payments gradually increase over time
    • Income-sensitive — based on income
  • Extended Repayment
    • Smaller installment payments over a maximum of 25 years.
    • Available to borrowers whose loans originated on or after Oct. 7, 1998 and have an outstanding balance of at least $30,000.
    • Borrower pays more interest due to the extended term of payments.
    • Protect the benefits attached to your Stafford, PLUS or Graduate PLUS loans by leaving them unconsolidated!
  • Consolidation
    • Interest rate is a weighted average of the current interest rates on a student's loans rounded to the nearest 1/8th of a percent. Fixed rate.
    • Simplicity of one loan, one lender, one monthly payment.
    • However, borrower will pay more interest because the loan is stretched over a longer period of time.

Montana's Choice does not offer a consolidation loan, but our loan education counselors can help you find a lender.