Plans based on income
These plans are based on your federal student loan debt (in some cases your spouse’s), adjusted gross income and family size. They often result in a lower monthly payment, and in some cases, the loan balance may be forgiven. Warning – Longer loan terms may result in higher interest costs over the life of the loan. Visit the Federal Student Aid Repayment Estimator for more information.
- Income-Based Repayment (IBR)
- Pay As You Earn Repayment (PAYE)
- Revised Pay As You Earn (REPAYE) Repayment
- Income-Contingent Repayment (ICR)
Plans based on the length of time loan is in repayment
These plans generally take less time to pay off, saving on the cost of interest. Monthly payments may be higher than income-driven repayment options.
- Standard Repayment
- Graduated Repayment
- Extended Repayment
Contact us today to discuss these options, and find out which one will work best for you and your individual circumstances. We can even help you fill out the paperwork.
Call us at 866-810-3572.
Repayment Plan Summary
|Repayment Plan||Loan Programs||Loan Term||Eligibility||Payments||Advantages||Helpful Information|
|Standard Repayment||Direct Loans & FFELP||10 Years (up to 30 years if consolidated)||You will be placed on this plan if you do not select another plan||Fixed monthly payments||This is the fastest and least expensive plan based on interest paid||This will be the plan you are placed on if you do not select another plan|
|Graduated Repayment||Direct Loans & FFELP||10 Years||Upon request||Payments start low, increase every 2 Years||Works well if you expect your income to increase over time||
|Extended Repayment||Direct Loans & FFELP||Up to 25 Years||Must have more than $30,000 in FFELP or Direct Loans||Fixed or graduated payments||Lower monthly payments over a longer time frame||You will generally pay more interest on this plan due to the longer repayment term|
|Income-Based Repayment (IBR)||Direct Loans & FFELP*||25 Years (20 years for new borrowers as of 7/1/2014), any remaining balance may be forgiven||
||Monthly payment generally set at 15% of discretionary income (10% for new borrowers as of 7/1/2014)||
|Pay as You Earn Repayment (PAYE)||Direct Loans only*||20 Years, any remaining balance may be forgiven||
||Monthly payment generally set at 10% of discretionary income||
|Revised Pay as You Earn Repayment (REPAYE)||Direct Loans only*||20 years (undergraduate loans), 25 years (graduate or professional loans), any remaining balance may be forgiven||Based on your adjusted gross income, family size and total federal student loan debt||Monthly payment generally set at 10% of discretionary income||
|Income-Contingent Repayment (ICR)||Direct Loans only*||25 Years, any remaining balance may be forgiven||Based on your adjusted gross income, family size and total federal student loan debt||Monthly payments set at the lesser of 20% of discretionary income or a percentage (based on income) of payment on a Standard Plan with a 12-year repayment period||
|Income-Sensitive Repayment||FFELP only||5 Years, then returns to Standard or Graduated||Based on your gross monthly income||Lowers payments for 12 months at a time||Payments are affordable based on your gross monthly income||Annual recertification of gross monthly income|
*Additional eligibility requirements may apply. Parent PLUS Loans do not qualify for IDR Plans. Borrowers with Parent PLUS loans may consolidate and request ICR.