Repayment Plans

We have several repayment options available so you can choose which works best with your budget. Eligibility may vary by loan type, so make sure you review all the repayment plan details (PDF) provided by the Department of Education.

Considerations When Changing Your Plan
You aren't limited to the amount of times you can change your repayment plan. As long as you meet the eligibility requirements and you still have time remaining in your term, you can request to change your repayment plan.

NOTE: Make payments while you are in school or during your grace period to decrease the amount you will pay over the life of your loan!

Back to Repayment Plans

Standard Repayment

Standard Repayment is right for you if you can afford your monthly payments and want to pay your loans off as quickly as possible.

Plan Features

  • Quickest payoff.
  • Fixed monthly payments.

Payments and Term

  • The minimum monthly payment under this plan is $50 per loan program.
    • For example: The minimum monthly payment for all of your loans within the Federal Direct Loan Program is $50. If you also borrowed loans from the Federal Family Education Loan (FFEL) Program, they will also have a $50 minimum payment.
  • Payments of principal and interest remain relatively the same throughout repayment.
  • Maximum repayment term of 10 years for unconsolidated loans, and up to 30 years for consolidated loans.

Other Important Information

Changes may occur to your monthly payment during your repayment period for a few reasons, such as when .

Back to Repayment Plans

Pay As You Earn (PAYE)

PAYE is right for you if you have a sizeable amount of student loan debt, are unsure if you can afford your monthly payments, or have little to no income.

Plan Features

  • Monthly payments as low as $0 per month.
  • Payment amounts based on your income and family size.
  • Extended repayment period.
  • Offers loan forgiveness after 20 years of qualifying payments.

Payments and Term

  • Reduced monthly payments are calculated using your and family size.
  • Payments are generally 10% of your income.
  • Payments are made for up to 20 years.

Other Important Information

  • If you're married and file a joint federal income tax return, your spouse's eligible student loan debt and adjusted gross income are also considered (unless you are separated or unable to obtain your spouse's income information).
  • Since the information used to calculate your payment may change from year-to-year, you must recertify annually for PAYE.
Back to Repayment Plans

Income-Based Repayment (IBR)

IBR is right for you if you have little to no income, mounds of student loan debt, or you're stressed about the affordability of your monthly payments.

Plan Features

  • Monthly payments as low as $0 per month.
  • Payment amounts based on your income and family size.
  • Extended repayment period.
  • Offers loan forgiveness after 25 years of qualifying payments (20 years for new borrowers*).

Payments and Term

  • Reduced monthly payments are calculated using your and family size.
  • Payments are generally 15% of your discretionary income (10% for new borrowers*).
  • Payments are made for up to 25 years.

Other Important Information

  • If you're married and file a joint federal income tax return, your spouse's eligible student loan debt and adjusted gross income are also considered (unless you are separated or unable to obtain your spouse's income information).
  • Since the information used to calculate your payment may change from year-to-year, you must recertify annually for IBR.

*A new borrower for the IBR plan has no outstanding balance on a Direct or as of July 1, 2014, or has no outstanding balance on a Direct or when he or she obtains a new loan on/after July 1, 2014.

Back to Repayment Plans

Income-Contingent Repayment (ICR)

ICR is right for you if you are worried about your monthly payments and need some flexibility based on your financial situation.

Plan Features

  • Monthly payments as low as $0 per month.
  • Payment amounts based on your income, family size, and loan debt.
  • Extended repayment period.
  • Offers loan forgiveness after 25 years of qualifying payments.

Payments and Term

  • Reduced monthly payments are calculated using your , family size, and total amount of eligible loan debt.
  • Payments are generally adjusted based on your income using the lesser of:
    1. 20% of your discretionary income
    2. The amount you would pay under a fixed repayment plan over 12 years.
  • Payments are made for up to 25 years.

Other Important Information

  • If you're married and file a joint federal income tax return, your spouse's adjusted gross income is also considered (unless you are separated or unable to obtain your spouse's income information).
  • Since the information used to calculate your payment may change from year-to-year, you must recertify annually for ICR.
Back to Repayment Plans

Revised Pay As You Earn (REPAYE)

REPAYE is right for you if you have a sizeable amount of student loan debt, are unsure if you can afford your monthly payments, or have little to no income.

Plan Features

  • Monthly payments as low as $0 per month.
  • Payment amounts based on your household income (with spouse, if applicable) and family size.
  • Extended repayment period.
  • Offers loan forgiveness after 20 years of qualifying payments (25 years for borrowers with Direct Loans obtained for graduate and professional study).

Payments and Term

  • Reduced monthly payments are calculated using your discretionary income (with your spouse, if applicable).
  • Payments are generally 10% of your income.
  • Payments are made for up to 20 years (25 years for borrowers with Direct Loans obtained for graduate and professional study).

Other Important Information

  • You must provide income documentation for yourself and your spouse regardless of whether you file your taxes jointly or separately (unless you file separately because you are separated or unable to obtain your spouse's income information).
  • Since the information used to calculate your payment may change from year-to-year, you must recertify annually for REPAYE.
Back to Repayment Plans

Graduated Repayment

Graduated Repayment is right for you if you may be able to afford higher payments in the future, but a smaller monthly payment would be helpful now.

Plan Features

  • Quickest payoff.
  • Lower monthly payments that increase over time.

Payments and Term

  • Monthly payments initially satisfy interest-only.
  • Payments begin lower and increase every 2 years throughout the repayment period.
  • Maximum repayment term of 10 years for unconsolidated loans, and up to 30 years for consolidated loans.

Other Important Information

  • You will pay more over the life of your loan than on the 10-year Standard Repayment plan.
  • Payments increase every 24 months until the loan is paid in full.
Back to Repayment Plans

Extended Standard Repayment

Extended Standard Repayment is right for you if you have a lot of debt, but none of the other repayment plans work for your budget.

Plan Features

  • Extended repayment period.
  • Fixed monthly payments.
  • Lower monthly payment than the 10-year Standard Repayment plan.

Payments and Term

  • Monthly payments are generally lower because the repayment period is extended.
  • Maximum repayment term up to 25 years.

Other Important Information

  • In order to qualify, you must have more than $30,000 in outstanding Direct Loans or .
    • For example: If you have $32,000 in outstanding Direct Loans and $12,000 in outstanding FFEL Program Loans, you may be able to choose this plan for your Direct Loans; however, your FFEL Program Loans would not be eligible.
  • Changes may occur to your monthly payment during your repayment period for a few reasons, such as when interest capitalizes. You will pay more over the life of your loan than under the 10-year Standard Repayment plan.
Back to Repayment Plans

Extended Graduated Repayment

Extended Graduated Repayment is right for you if you have a lot of debt, and while none of the other repayment plans work for your current financial situation, you hope to be able to pay more in the future.

Plan Features

  • Extended repayment period.
  • Lower monthly payments that increase over time.

Payments and Term

  • Monthly payments are generally lower and increase later in repayment.
  • Maximum repayment term up to 25 years.

Other Important Information

  • In order to qualify, you must have more than $30,000 in outstanding Direct Loans or .
    • For example: If you have $32,000 in outstanding Direct Loans and $12,000 in outstanding FFEL Program Loans, you may be able to choose this plan for your Direct Loans; however, your FFEL Program Loans would not be eligible.
  • You will pay more over the life of your loan than on the 10-year Standard Repayment, 10-year Graduated Repayment, or 25-year Extended Standard Repayment plan.
  • Payments increase every 24 months until the loan is paid in full.
Back to Repayment Plans

Income Sensitive Repayment

Income Sensitive Repayment is right for you if you're worried about your monthly payments, your loans don't qualify for a more beneficial repayment plan, and you need temporary relief to fit your budget.

Plan Features

  • Extended repayment period.
  • Lower monthly payments.

Payments and Term

  • Monthly payments are based on your monthly gross income.
  • Payments must at least cover the interest that accrues every month.
  • Repayment term may be extended by up to 5 years.

Other Important Information

  • Only loans that were disbursed in the FFEL Program are eligible for this repayment plan.
  • Since the information used to calculate your payment may change from year-to-year, you must re-apply annually for Income-Sensitive Repayment.