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Standard Repayment Plan
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- Direct Sub and UnSub Loans
- Sub and UnSub Federal Stafford Loans
- All PLUS loans
- All Consolidation Loans
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- Payments are a fixed amount.
- Up to 10 years.
(up to 30 years for Consolidation Loans)
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- All borrowers are eligible for this plan.
- You’ll pay less over time than under other plans.
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Graduated Repayment Plan
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- Direct Sub and UnSub Loans
- Sub and UnSub Federal Stafford Loans
- all PLUS loans
- all Consolidation Loans
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- Payments are lower at first and then increase, usually every two years.
- Up to 10 years.
(up to 30 years for Consolidation Loans)
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- All borrowers are eligible for this plan.
- You’ll pay more over time than under the 10-year Standard Plan.
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Extended Repayment Plan
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- Direct Sub and UnSub Loans
- Sub and UnSub Federal Stafford Loans
- all PLUS loans
- all Consolidation Loans
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- Payments may be fixed or graduated.
- Up to 25 years.
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- If you're a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans.
- If you're a FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans.
- Your monthly payments will be lower than under the 10-year Standard Plan or the Graduated Repayment Plan.
- You’ll pay more over time than under the 10-year Standard Plan.
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Revised Pay As You Earn Repayment Plan (REPAYE)
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- Direct Sub and UnSub Loans
- Direct PLUS loans made to students
- Direct Consolidation Loans that do not include PLUS loans (Direct or FFEL) made to parents
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- Your monthly payments will be 10 percent of discretionary income.
- Payments are recalculated each year and are based on your updated income and family size.
- If you're married, both your and your spouse’s income or loan debt will be considered, whether taxes are filed jointly or separately (with limited exceptions).
- Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 or 25 years.
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- Any Direct Loan borrower with an eligible loan type may choose this plan.
- Your monthly payment can be more than the 10-year Standard Plan amount.
- You may have to pay income tax on any amount that is forgiven.
- Good option for those seeking Public Service Loan Forgiveness (PSLF).
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Pay As You Earn Repayment Plan (PAYE)
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- Direct Sub and UnSub Loans
- Direct PLUS loans made to students
- Direct Consolidation Loans that do not include (Direct or FFEL) PLUS loans made to parents
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- Your maximum monthly payments will be 10 percent of discretionary income.
- Payments are recalculated each year and are based on your updated income and family size.
- If you're married, your spouse's income or loan debt will be considered only if you file a joint tax return.
- Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years.
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- You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011.
- You must have a high debt relative to your income.
- Your monthly payment will never be more than the 10-year Standard Plan amount.
- You’ll pay more over time than under the 10-year Standard Plan.
- You may have to pay income tax on any amount that is forgiven.
- Good option for those seeking Public Service Loan Forgiveness (PSLF).
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Income-Based Repayment Plan (IBR)
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- Direct Sub and UnSub Loans
- Sub and UnSub Federal Stafford Loans
- all PLUS loans made to students
- Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL PLUS loans made to parents
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- Your monthly payments will be 10 or 15 percent of discretionary income.
- Payments are recalculated each year and are based on your updated income and family size.
- If you're married, your spouse's income or loan debt will be considered only if you file a joint tax return.
- Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 or 25 years.
- You may have to pay income tax on any amount that is forgiven.
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- You must have a high debt relative to your income.
- Your monthly payment will never be more than the 10-year Standard Plan amount.
- You’ll pay more over time than under the 10-year Standard Plan.
- Good option for those seeking Public Service Loan Forgiveness (PSLF).
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Income-Contingent Repayment Plan (ICR)
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- Direct Sub and UnSub Loans
- Direct PLUS Loans made to students
- Direct Consolidation Loans
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- Your monthly payment will be the lesser of
- 20 percent of discretionary income, OR the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income.
- Payments are recalculated each year and are based on your updated income, family size, and the total amount of your Direct Loans.
- If you're married, your spouse's income or loan debt will be considered only if you file a joint tax return or you choose to repay your Direct Loans jointly with your spouse.
- Any outstanding balance will be forgiven if you haven't repaid your loan in full after 25 years.
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- Any Direct Loan borrower with an eligible loan type may choose this plan.
- Your monthly payment can be more than the 10-year Standard Plan amount.
- You may have to pay income tax on the amount that is forgiven.
- Good option for those seeking Public Service Loan Forgiveness (PSLF).
- Parent borrowers can access this plan by consolidating their Parent PLUS Loans into a Consolidation Loan.
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Income-Sensitive Repayment Plan
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- Sub and UnSub Federal Stafford Loans
- FFEL PLUS Loans
- FFEL Consolidation Loans
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- Your monthly payment is based on annual income.
- Up to 15 years.
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- You’ll pay more over time than under the 10-year Standard Plan.
- The formula for determining the monthly payment amount can vary from lender to lender.
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