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.
Income-Based Repayment (IBR) is designed to help borrowers experiencing a "partial financial hardship" by keeping loan payments affordable with payment caps based on income and family size. IBR will also forgive remaining debt, if any, after 25 years of qualifying payments. Use the Income-Based Repayment Calculator to estimate your monthly payment and review the IBR fact sheet for frequently asked questions.
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
