Repayment plans and payments
You'll start repaying your loan six months after you leave
school or drop below half-time enrollment. You have a choice of repayment
plans, and you may change your repayment plan once a year.
Standard Repayment lets you repay the loan in equal monthly
payments of at least $50 for the life of the loan.
Graduated Repayment
allows you to begin with a lower
monthly payment which increases gradually over the life of the
loan.
Income-Sensitive Repayment adjusts your monthly payment
annually based on your total income and student loan
debt.
Extended Repayment for up to 25 years is available if you
borrow a student loan for the first time after October 7, 1998, and
you have more than $30,000 in student loans.
Use the Student Loan Repayment Calculator to estimate your monthly
payment based on your loan amount and repayment plan.
Electronic Payments
These plans automatically deduct
your payment from your bank account, saving the expense of postage
and checks, and insuring your payments are made on time. Ask your
lender how you can set up electronic payments.
Borrower Benefit Programs
Ask if your lender
has a program that
offers reduced interest
rates or discounts for borrowers who make payments on
time
