If you received a federal student loan (such as a Stafford loan, PLUS, or HEAL loan) from a financial institution, they would probably offer some sort of income-based repayment plan.<\/p>\n
Because these loans are not from the government, there may not be any provisions in the agreements for loan forgiveness after 25 years. The payments may not be as low as they would be from a direct federal student loan.<\/p>\n
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Keep in mind that because you are extending your repayment period, you will probably end up paying more in interest throughout repaying your loans. However, consolidation may also allow you to secure a lower interest rate on your student loans, so it may be worth investigating.<\/p>\n