Time to start repaying your student loans? Visit the EdFund Student Loan Calculator to compare your student loan repayment options and determine the best plan for your financial situation.
Your loan will automatically be set up on the standard repayment plan. If you prefer another repayment plan, simply call the Direct Loan Servicing Center at 800.848.0979 to discuss your options. You also have the option to change your repayment plan on an annual basis by contacting the Direct Loan Servicing Center.
Standard Repayment
Fixed monthly payment of at least $50.
Repayment term cannot exceed 10 years, excluding in-school, grace and deferment or forbearance periods.
Graduated Repayment
Payments are smaller at the beginning of repayment and gradually increase over time.
No single payment may be more than three times greater than any other payment.
Repayment term is generally 10 years.
Income-Sensitive Repayment (FFEL Program loans only)
Payments are adjusted annually based on your monthly gross income.
Payment amount must cover at least the interest due.
Repayment term varies.
Extended Repayment
Available to borrowers that do not have a outstanding balance as 10/07/1998 and have an outstanding balance of principal and interest totaling more than $30,000
Payment must cover at least the interest due.
Income-Based Repayment
You must demonstrate partial financial hardship to qualify.
Payments are 15 percent of your discretionary income.
Payments are adjusted annually based on your Adjusted Gross Income and family size.
Payments can be zero.
Additional benefits such as restricted capitalization, loan forgiveness, and interest subsidies may be available.
