What repayment options are available for Missouri Higher Education Loan Authority student loans?

Missouri Higher Education Loan Authority, commonly known as MOHELA, offers various repayment options designed to accommodate different financial situations and preferences. One of the primary repayment plans is the Standard Repayment Plan, which allows borrowers to make fixed monthly payments over a period of ten years. This plan ensures that borrowers pay off their loans within a predictable timeframe and provides clarity on payment amounts. In addition to the Standard Repayment Plan, MOHELA offers several alternative plans that cater to specific needs. The Graduated Repayment Plan begins with lower payments that gradually increase every two years. This option may be suitable for borrowers who expect their income to rise over time. The Extended Repayment Plan is another option available to borrowers with larger loan balances, offering a repayment term of up to twenty-five years with either fixed or graduated payments. For borrowers who may face financial hardships, MOHELA provides Income-Driven Repayment Plans. These plans adjust monthly payments based on the borrower’s income and family size. Borrowers may also qualify for deferment or forbearance options in cases of temporary financial difficulties, which can allow them to pause payments without going into default. It is essential for borrowers to review their specific loan agreements and understand the terms associated with their loans. For detailed information and assistance, borrowers are encouraged to visit MOHELA's official website, where they can explore all available options and find the best fit for their financial circumstances.