There are many different Student Loan Repayment Plan Options. You will automatically be enrolled in the Standard Repayment Plan. If you want to enroll in a different plan, you must contact your loan servicer.
Loan Repayment Options
Standard Repayment Plan
Enrolled in this plan by default
Generally pay a fixed monthly payment
up to 10 years
Will generally pay less over time compared to any other plan
Graduated Repayment Plan
Monthly payments will start out small
Increase every two years
Must be equal to monthly interest due
Repayment period is 10 years
Extended Repayment Plan
Can choose to make either graduated or fixed payments
Repayment period is 25 years
Income Based Repayment Plan (IBR)
Monthly payments will be 10-15% of your discretionary income
Repayment period 20-25 years
If you became a borrower on or after July 1, 2014, you will have 20 years to repay your loan
All other borrowers will have 25 years.
If you have not repaid your loan within the allotted time period of qualified monthly payments, your loan can be cancelled
Income Contingent Repayment Plan
Your monthly payment will be less than 20% of your discretionary income or the amount you would pay on a 12 year Standard Repayment Plan multiplied by a percentage based on your income
Repayment period is 25 years
If you do not repay your loan with qualifying payments within the 25 years, the unpaid portion of your loan will be forgiven
Income Senstive Repayment Plan
Your monthly payment will be based on your annual income
Repayment period is 10 years
Pay as You Earn Repayment Plan (PAYE)
Maximum monthly payment will generally be 10% of your discretionary income
Repayment period is 20 years
If you have not repaid your entire loan after 20 years of qualifying payments, the remaining portion of your loan will be forgiven
Revised Pay as You Earn Repayment Plan (REPAYE)
Monthly payment will be 10% of your income
Repayment period is 20 years
If you have not repaid your loan after 20 years of qualifying payments, the remaining portion of your loan will be forgiven