Other loan products: PLUS Loan Stafford Loan College Bound Loan Questions about financial aid or planning for college: collegeplanningcenter.org Lowering your monthly payment RISLA offers two options to reduce monthly payments on federal student loans. (1) Extended Repayment (2) Consolidation Each program has both advantages and disadvantages. Be sure to consider all factors when making your decision. Call 1-888-758-7562 for assistance in choosing the repayment option that works best for you. Extended Repayment An extended repayment schedule is available to a new borrower with FFEL loans made on or after October 7, 1998 with an outstanding balance of principal and interest totaling more than $30,000. The schedule may provide for standard or graduated installments over a period not to exceed 25 years. Pros:  - Lowers the monthly payment  - Keeps existing borrower benefits on the loans (existing loan borrower benefits are generally superior to those currently being offered by lenders)  - No prepayment penalties, fees or credit checks  - Can be processed over the phone - no application is needed Cons:  - The borrower extends the term period from 10 years to 25 years, causing more interest to be repaid over the life of the loan. Consolidation Provides the option of combining eligible federal student loans totaling at least $30,000 into one new loan, with new terms, with one lender. Pros:  - Lowers the monthly payment  - Establishes a fixed interest rate  - .25% interest rate reduction for automatic debit payments  - No prepayment penalties, fees or credit checks Cons:  - Loss of the existing borrower benefits (existing loan borrower benefits are generally superior to those currently being offered by lenders on consolidation loans)  - Extends the term period from 10 years to a maximum of 30 years causing, more interest to be repaid over the life of the loan  -  Loss of any potential future interest rate reductions on variable rate loans