Repayment Options

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Repayment Options

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aleire repayment options
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ALEIRE REPAYMENT OPTIONS

Aleire Financial Debt Associates works with you to structure a repayment plan that is customized to suit your needs. Our clients are given student loan repayment options, so you can select the one that works best for you and your budget. Most students are in the dark when it comes to the restructuring of their loans, and are not informed that they have multiple options to help make their repayment process easier to handle each month. Our student loan repayment plans are either based on your present income or can be extended over time to leave room for a lower monthly payment.

It is important to also know that you are not limited to the assigned repayment plan when you first begin repaying your student loan, and have the option of changing plans at any time. There are currently (6) Payment restructuring options available for Student Loans. They are as follows:

  • Standard Restructured Plan
  • Graduated Restructured Plan
  • Extended Restructured Plan
  • Income-Based Restructured Plan (IBR)
  • Income- Contingent Restructured Plan (ICR)
  • Income-Sensitive Restructured Plan

ASSOCIATED SERVICES

Aleire services include a complete financial recovery scope as a supplements to our debt relief programs. Select one below to learn more.

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ALEIRE CREDIT REPAIR
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Questions/Answers Frequently Asked Questions About Aleire Financial Debt Associates

Question

What types of Payment Restructuring Plans are offered?

Answer

When repaying a Direct Consolidation Loan, you may choose from multiple repayment plans with various terms.

Standard Repayment Plan: You will pay a fixed amount each month until your loan(s) are paid in full. Your monthly payments will be at least $50 for up to 10 to 30 years, based on your total education indebtedness.

Graduated Repayment Plan: Your minimum payment amount will be at least equal to the amount of interest accrued monthly. Your payments start out low, and then increase every two years for up to 10 to 30 years, based on your total education indebtedness.

Extended Repayment Plan: To be eligible, your Direct Loan balance must be greater than $30,000 and you will have up to 25 years to repay your loan(s). You have two payment options:

  • Fixed Monthly Payment Option - You will pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50.
  • Graduated Monthly Payment Option - Your minimum payment amount will be at least $50 or the amount of interest accrued monthly, whichever is greater. Your payments start out low, and then increase every two years.

Income Contingent Repayment Plan (ICR): Your monthly payments will be based on annual income, Direct Loan balance and family size, and are spread over a term of up to 25 years.

Income-Based Repayment Plan (IBR): Your monthly payments will be based on annual income and family size, and spread over a term of up to 25 years. You must be experiencing a partial financial hardship to initially select this plan and once you select this plan you cannot change to any other plan except the Standard Plan.

Question

Can I change my Payment Restructured Plan?

Answer

Yes. Most borrowers may change repayment plans at any time. However, borrowers who are required to repay under the ICR plan must make three consecutive monthly payments before changing to another plan. There is no limit to the number of times borrowers may change plans.

Question

How do I make payments?

Answer

Borrowers receive monthly billing statements from the Direct Loan Servicing Center, unless they enroll in the Electronic Debit Account (EDA). If Borrowers enroll in EDA, they will receive a 0.25 percent discount on their interest rate for as long as they continue to make payments using EDA.

Question

When can I expect my first payment to be due?

Answer

An initial billing statement will be sent to the borrower from the Direct Loan Servicing Center within 60 days of the first disbursement of their Direct Consolidation Loan. Payments are due monthly. Borrowers will receive an initial billing statement from the Direct Loan Servicing Center within 60 days of the first disbursement of their Direct Consolidation Loan. Payments are due monthly.

Question

Can I prepay my loan?

Answer

Borrowers may prepay all or part of the unpaid balance on any Direct Loan at any time, without an early repayment penalty. If a borrower makes a payment that exceeds the required monthly payment, the prepayment will be applied first to any charges or collection costs, then to outstanding interest, and last to principal. However, if a borrower's account has no outstanding interest, the prepayment is applied entirely to principal.

If you would like more information on how to get started, or if you would like to speak with a company representative about your personal situation, Call 1855.4.ALEIRE today for a free evaluation, or click below to get started.

Need More Info? Call: 1 855 425 3473