I was considering changing my repayment plan after my BK is discharged to something lower, as I now need to buy a car and will have that additional expense. I consolidated my loans a few months ago, and then added a couple more loans that had been inadvertently left off when I consolidated. When I access my SL accounts now to change my repayment plan, I see these options:

Standard Repayment Plan:

Loan Type Principal Balance Interest Rate Initial Monthly Payment Repayment Term (# of months) Interest Paid Total Amount Repaid
Consolidation $47,381.33 6.50% $328.11 299 $51,866.87 $98,101.17

Extended Plan:

Loan Type Principal Balance Interest Rate Initial Monthly Payment Repayment Term (# of months) Interest Paid Total Amount Repaid
Consolidation $47,381.33 6.50% $328.11 299 $51,866.87 $98,101.17

Extended Plan Graduated Monthly Payment:

Loan Type Principal Balance Interest Rate Initial Monthly Payment Repayment Term (# of months) Interest Paid Total Amount Repaid
Consolidation $47,381.33 6.50% $256.64 299 61,038.03 $107,272.33

Graduated Repayment Plan:

Loan Type Principal Balance Interest Rate Initial Monthly Payment Repayment Term (# of months) Interest Paid Total Amount Repaid Consolidation $47,381.33 6.50% $256.64 299 $61,038.03 $107,272.33

Income Contigent Repayment Plan:

Loan Type Principal Balance Interest Rate Initial Monthly Payment Repayment Term (# of months) Interest Paid Total Amount Repaid
Consolidation $47,381.33 6.50% $256.65 300 $29,613.67 $76,995.00



And then, I see this message:

Please Note: You are currently on the grandfathered Extended Plan . Once you change your repayment plan, you will not be able to return to one of the grandfathered repayment plans at a later date.


What does that mean, exactly? If I change repayment plans, what am I missing out on?

I have no clue what they are talking about. The max length of your repayment term is determined by your 1st disbursement date, and your loan balance. Deferment and forbearance time does not count. I would recommend calling them to inquire.

Thanks, Cynic. I'll do that.