Pick a plan that works best for you. Any student who does not pick a payment option will automatically be placed in the Standard Repayment Plan.
Standard Repayment allows a student to make equal monthly payments during the entire term of the loan (typically 10 years). This results in the least amount of interest paid, but the highest monthly payments.
Graduated Repayment lowers the monthly payment amount as the student seeks employment after graduation. Payments increase every two years as the student is more independent and financially stable. The repayment term is 10 years.
Extended Repayment is available for students with loan debt greater than $30,000. The repayment term for these loans may be extended up to 25 years.
Income-Based Repayment (IBR) is a new payment option for federal student loans. With this option, monthly payments are capped based on the student’s income and family size. IBR will also forgive remaining debt after 25 years of making payments.
View More Information Regarding IBR
Public Service Loan Forgiveness
Public Service Loan Forgiveness (PSLF) also is a new program for federal student loan borrowers. Students seeking public service jobs will have their remaining debt forgiven after 10 years of eligible employment and making loan payments.