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
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.
To view the differences between repayment plans at a glance, visit the Loan Comparison Chart.
Income-Based Repayment - Available July 1, 2009
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 less than interest due.
Additional benefits such as restricted capitalization, loan forgiveness, and interest subsidies may be available.
