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Repayment Plans
Sometimes the right repayment plan makes all the difference in your ability to pay your student loan. The options are flexible, and there's sure to be one that will work for you.
Be aware that these repayment plans are not available on all loans, so check with your lender/loan servicer to find out which repayment options are available to you.
Repayment Plan | Details |
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Standard | This is the plan most borrowers will have when they enter repayment, unless they request otherwise.
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Graduated | This repayment plan was designed for borrowers who expect to make more money as they progress in their careers.
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Pay As You Earn (for Federal Direct Loan Program loans only) |
This plan helps borrowers who may be experiencing financial hardship manage their monthly payments.
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Revised Pay As You Earn (for Federal Direct Loan Program loans only) |
This plan helps borrowers who may be experiencing financial hardship manage their monthly payments.
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Income-Based (IBR) | This plan helps borrowers who may be experiencing financial hardship manage their monthly payments.
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Income-Contingent (for Federal Direct Loan Program loans only) |
This plan is designed to make repayment easier for students who pursue careers in fields that have lower salaries, for example, public service.
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Income-Sensitive (for Federal Family Education Loan Program loans only) |
This plan is designed to make repayment easier for students who pursue careers in fields that have lower salaries, for example, public service.
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25-Year Extended | Borrowers can make smaller monthly payments by extending the standard 10-year repayment term to 25 years. This option is available only to borrowers with:
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Helpful Tips
- Alternative (private) loans generally have less flexible options than federal loans do.
- Examine your financial situation carefully when you start repayment to make sure you use the plan that best meets your ability to pay.
- Changing your repayment plan is easy to do but usually requires that you submit your request in writing, since it is an official change to your existing agreement.