What repayment options are available?
First you should check with your lender to see what is available. For most lenders, you have four options: a level repayment plan with equal monthly installments, a graduated repayment plan with smaller monthly payments in early years and increasing payments in later years, an income-sensitive repayment plan with payments adjusted annually based on your income, or an extended payment plan, if available.
There are two main repayment options for a commercial mortgage: A capital repayment mortgage means you repay a proportion of the capital along with the interest An interest-only mortgage involves simply paying the interest each month A variety of other more complex routes for procuring a commercial mortgage are available, however it will be necessary to undertake independent financial advice on these.
The Academic Answer Loan has three repayment options available: • Full Deferral: Defer all principal and interest charges while in school; note that interest will accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment • Interest-Only: Pay only the accrued monthly interest while in school • Immediate Repayment: Begin making monthly principal and interest payments immediately
While in enrolled at least half-time, a borrower may choose one of the following repayment options: • Interest Paid: the borrower is immediately responsible for making full monthly interest payments on the loan while enrolled in school. Six months after leaving school or ceasing to be enrolled at least-half time in a degree granting program, the borrower enters repayment status and is responsible for making full interest and principal payments. • Deferred Repayment: while enrolled at least half-time in a degree granting program, the borrower is only required to make monthly $25 Good Faith Payments during the Deferment Period. Any unpaid accrued interest is capitalized (or added) to the outstanding loan amount once at the end of the Deferment Period. After Deferment, the borrower enters repayment status and is responsible for making full interest and principal payments.
