Repayment Options for Consolidation Loans
UW Credit Union offers three unique repayment options.
- Level Payment Plan: Make equal monthly payments over the maximum repayment period allowed. This option is best if you want to pay the least amount of interest during the life of the loan.
- Graduated Income Sensitive Payment Plan B: This two-step option allows you to make interest-only payments for the first one-third of the repayment period. For the remaining two-thirds of the term, equal payments are recalculated based on the remaining term and balance.
- Graduated Income Sensitive Payment Plan C: This three-step option allows you to make interest-only payments for the first quarter of the repayment period. In the second quarter you pay slightly higher "equal" payments (based on the original term, for example 20 years). For the last half of the repayment period, you'll again make slightly higher equal payments (based on the remaining term, for example 10 years).
Use this handy calculator to compute your payments and help you decide which option works best for your needs. Need help deciding? Contact us.
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