The higher education is nowadays very expensive, so the majority of students apply for the financial aid. Naturally, it helps the student to pay for education and obtain a university degree, but after graduation they collide with a problem of debt repayment.
 
The repayment period can be extended on many years and it can become a permanent financial stress on the debtor. The people usually have to spend bigger part of their salary on the repayment of the student loans.
 
But fortunately, there is a solution. If the debtor has several student loans in the same time, he can consolidate them into one manageable loan. In the case of consolidation the debtor has to make one monthly payment to one lender. In addition, the interest rates of the consolidated loans are usually lower.
 
There are several different repayment plans of consolidated loans. The choosing of the repayment plan depends on the decision of the lender and debtor. Besides, it also depends on the type of loans (federal, private, Sallie Mae loan consolidation etc). More detailed information can be received from the particular lender.
 
The most widespread repayment plan is the standard repayment plan. According to this plan the payments are fixed and every month the debtor has to pay the same sum until he fully repays the loan.
 
The next type of repayment plan (graduated plan) implies that the repayment period begins after graduation. This variant is appropriate for those students who do not have big incomes during the studying and can begin the repayment after graduation, when they will find the well – paid job.
 
The variable plan means that the debtor can regulate his monthly repayments depending on incomes. This repayment plan is very flexible and is the best variant for those people whose incomes change each month.
 
The debtor has to choose one of the plans which will suit his needs and will allow him to reduce the financial stress.