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Extending Term of Federal Student Loan Past 10 Years

Yes, you can, but not in all circumstances. When they become due after graduation (or after you leave school) student loans backed by the federal government are put into a ten year, fixed payment plan. However, young people starting out in the world do not make much initially, and that fixed payment can seem insurmountable. This is especially true if the total debt is high.

That is why in instances where the loan balances, if consolidated, would total more than $30,000, the Department of Education can extend the term of the loan past 10 years and out to 25. If the loans originated prior to July 1, 2006, however, it can be extended to 30 years. This can make a big difference! It might be much longer before it is paid off, but if the monthly payment is affordable, then that can give you the financial relief you need now.  Learn more here.

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Steven J. Richardson
Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.