Repayment Options
Below are the repayment options available to you. Talk to your
lender or guarantor about which option is best for you so you can avoid your
account being delinquent or in default.
Standard
- Minimum payment is $50 but may be more depending on your loan balance
(use the
Loan Repayment
Calculator for a better idea of estimated payments)
- Monthly payment may change to reflect annual changes in the loan's
variable interest rate
- Repayment term is 10 years
Graduated
- Payments are graduated over time; you will begin with a lower payment,
which may increase over the repayment period
- More interest accrues over the life of the loan because the principal
balance decreases at a slower rate
- Repayment term is 10 years
Extended
- Available to new borrowers on or after October 7, 1998, who have a
minimum balance of $30,000 in student loans
- You may select a standard or graduated repayment plan
- More interest accrues over the life of the loan because the principal
balance decreases at a slower rate
- Repayment term is 25 years
Income-Sensitive
- Payments are adjusted based on your gross monthly income; however,
payments cannot be lower than your monthly interest amount
- Payment amount and eligibility will be verified annually
- More interest accrues over the life of the loan because the principal
balance decreases at a slower rate
- Repayment term is up to 15 years
Income-Based
- Payment is an adjusted amount based on your income and your family size
- Payment amount and eligibility will be verified annually
- More interest accrues over the life of the loan because the principal
balance decreases at a slower rate
- Outstanding balance will be forgiven after 25 years; the amount forgiven
may be taxable
- Available for Stafford, Grad PLUS and Federal Consolidation loans that
do not include Parent PLUS loans
What about
loan consolidation?