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Since 2009, we have modified $1.1 billion in private education loans with interest rate reductions or extended repayment terms".
Federal student loans offer flexible repayment terms, like the economic hardship deferment, forbearance, extended repayment and income-based repayment.
The different income-driven and extended repayment plans available on federal loans are not generally available for private loans.
Many borrowers got bad advice from loan servicers about enrolling in repayment plans and ended up in graduated or extended repayment plans that were supposed to be ineligible.
Mr. Chopra worries about people working for eligible employers and making payments in something called graduated or extended repayment plans that are not income driven.
But even as banks dangle such promotional teasers as below-prime interest rates, rebates and extended repayment schedules, some financial planners urge caution.
Similar(38)
They also eased the conditions on Greece's rescue loans by reducing interest rates and extending repayment terms.
Creditors balked at extending repayment on $1.4 billion of nearly $5 billion in debts that Hynix still hopes to repay this year.
"Reprofiling", by extending repayment terms and fixing interest rates at low levels, could reduce Greece's debt burden to 100% of GDP by 2050, according to the IMF.
There is unlikely to be any direct writedown of nominal debt levels, but moves to reduce the debt could involve extending repayment schedules and lowering interest rates.
The IMF is not calling for Greek debts to be cancelled but wants to ease terms, by extending repayment holidays and deadlines.
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