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Repayment Plans

Although you may select or be assigned a repayment plan when you first begin repaying your student loan, you can change repayment plans at any time. Contact your loan servicer if you would like to discuss repayment plan options or change your repayment plan.


Below is a list of available federal student loan repayment options:

Standard Repayment Plan
  • Payments are a fixed amount of at least $50 for up to 10 years.
Graduated Repayment Plan
  • Payments are lower at first and then increase, usually every two years for up to 10 years.
Extended Repayment Plan
  • Payments may be fixed or graduated for up to 25 years.
Income-Based Repayment Plan
  • Payments may be fixed or maximum monthly payment will be 15% of discretionary income, the difference between your adjusted gross income and 150% of the poverty guideline for your family size and state of residence (other conditions apply). Your payments change as your income changes for up to 25 years.
Pay As You Earn Repayment Plan
  • Your maximum monthly payment will be 10% of discretionary income, the difference between your adjusted gross income and 150% of the poverty guideline for your family size and state of residence(other conditions apply). Repayment can be up to 20 years.
Income-Contingent Repayment Plan
  • Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your direct loans. Your payments change as your income changes. Repayment can be up to 25 years.
Income-Sensitive Repayment Plan
  • Your monthly payment is based on your annual income. Your payments change as your income changes. Repayment can be for up to 10 years.

This information was retrieved from https://studentaid.ed.gov


 

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