The benefit here is that, after establishing a
good repayment pattern, you'll be able to refinance your auto loan and further improve your credit standing.
Recommendation: The Secretary of Education should obtain data needed to assess the impact of income recertification lapses on borrower payment amounts, and adjust estimated borrower
repayment patterns as necessary.
Recommendation: The Secretary of Education should, as a part of the agency's ongoing student loan model redesign efforts, add the capability to produce separate cost estimates for each Income - Driven Repayment plan and more accurately reflect
likely repayment patterns for each type of loan eligible for these plans.
These commenters believed that this amortization schedule more fairly accounts for longer and higher credentialed programs where students take out greater amounts of debt, better reflects actual
student repayment patterns, and appropriately mirrors available loan repayment plans.
At that time, GAO will await documentation that Education has obtained the necessary data to assess the impact of recertification lapses on
borrower repayment patterns and adjusted estimated borrower repayments in its model, as necessary.
It gives you an idea about
the repayment pattern and the monthly installments are fixed.