3 years or 5 years payment plan

[up2myeyeball]

I read here that some are paying 3 years and some 5 years payment plan. Who decide whether you get 3 or 5 years payment plan?

TIA

[rrockinggramma]

I think the new law asks for 5 years but I am not sure about it. My plan is 36 months.

[aa06a47]

I read here that some are paying 3 years and some 5 years payment plan. Who decide whether you get 3 or 5 years payment plan?

TIA

If your over the medium income, your plan will be 60 months. If your under the medium, your plan will be 36 months.

[LadynRed]

The length of your plan can actually vary depending on your DISPOSABLE income. If you're over the median income but you could pay off in 48 months instead of 60, then you get a 4 year plan. The MINIMUM is 3 years and you cannot payoff early unless you're paying at 100%.