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Your monthly payments will be fixed on the standard plan, or start small and slowly increase on the graduated plan.If you’re consolidating loans that are in a grace period, you can ask the servicer to delay processing your request. Once you’ve filled in all the required sections, you’ll have to sign and submit the application.If you extend your loan terms, you will have a lower monthly payment.

This is because you’ll finance the new student loan based on a variety of factors, including your income, debts, employment and credit.

Here are some additional requirements: If you just graduated with three federal Direct Subsidized loans, one for ,000, one for ,000 and one for ,000, and you get a job earning ,000 a year in San Francisco, you’ll pay off the loans in 10 years and pay a total of ,409 once you start making payments under the Standard Repayment Plan.

Kantrowitz encourages borrowers to compare both the monthly payment and the total payments over the life of the loan when considering consolidating or refinancing loans.

If you’re using the paper application, you’ll mail the application to the servicer of your choice. You could also choose the Income-Based Repayment Plan, the Pay As You Earn Repayment Plan or Revised Pay As You Earn Repayment Plan as long as your consolidated loan doesn’t include a parent PLUS Loan.

With ICR, IBR, PAYE and REPAYE, your monthly payment will be 10 to 20 percent of your annual discretionary income, the difference between your actual income and 100 to 150 percent of the federal poverty guideline for your family size and state.

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