Standard is the most commonly chosen repayment plan. Borrowers repay the loan(s) in equal installments over their repayment period. The minimum monthly payment is determined by the amount of the loan and the length of the repayment period. Generally, this plan is the most economical method of repayment. Use our online calculator to estimate your monthly payment on the Standard Repayment Plan.
Borrowers making graduated payments begin repaying their loans at a lower payment amount than on the Standard Repayment Plan. The amount increases every two years over the loan term until the balance of the loan is repaid in full. The amount of interest paid over the life of the loan is higher with this option compared to the Standard Repayment Plan.
To be eligible for this repayment plan, all of your loans must have been disbursed on or after October 7, 1998, and you must have a total outstanding principal and interest balance exceeding $30,000 on your FFELP loans or $30,000 on your FDLP loans. Please note: You may not combine balances on both FFELP and FDLP loans to meet this requirement. The Extended Repayment Plan will be used in conjunction with either the Standard or Graduated Repayment Plan and will have a repayment term of up to 25 years. The Extended Repayment Plan can result in a much lower payment amount but will also increase the total amount of interest paid over the life of the loan.
With an Income-Sensitive Repayment Plan, the monthly payment amount is adjusted annually to reflect changes in the borrower’s income based on the total monthly income and student loan debt. This option may be used for a maximum of five years, whereupon the Standard or Graduated Repayment Plan will be applied to the account.
To qualify for this repayment option, a borrower must demonstrate partial financial hardship. Partial financial hardship occurs when your loan payments on all eligible loans, or if you are married and file a joint federal income tax return, the annual amount due on all of your and your spouse’s eligible federal student loans, is greater than 15% of the difference between your Adjusted Gross Income (AGI) and 150% of the poverty line based on your state and family size. Federal Parent PLUS Loan borrowers and borrowers with Federal Consolidation Loans containing prior Federal Parent PLUS Loans do not qualify for this repayment plan. To determine if you may qualify for this repayment plan, click here to use our IBR repayment calculator.
If you are attempting to recertify your eligibility and are unable to provide a copy of your signed tax return, you must complete the appropriate Alternative Documentation of Income form:
Alternative Documentation of Income form (FFELP or combination of FFELP and FDLP loans)
Alternative Documentation of Income form (FDLP only)
The borrower’s monthly payments will be calculated based on the borrower’s annual income, family size, interest rate, and total loan amount. Under this repayment plan the repayment term may be extended to up to 25 years. Federal Parent PLUS Loans and Federal Consolidation Loans containing prior Federal Parent PLUS Loans that entered repayment prior to July 1, 2006, do not qualify for this repayment plan. To obtain an estimated monthly payment amount under the Income-Contingent Repayment Plan, click here.
If you are attempting to recertify your eligibility and are unable to provide a copy of your signed tax return, you must complete the Alternative Documentation of Income form.
Click here to apply for a repayment plan online.