Additional Info: Students will make fixed monthly payments to repay their loan in full within 10 years (not including periods of deferment or forbearance) from the date the loan entered repayment.
Additional Info: Payments will be lower at first and then will increase, usually every 2 years. Students must repay their loan in full within 10 years (not including periods of deferment or forbearance). At a minimum, payments must cover the interest that accumulates on the loan between payments.
Additional Info: Students will make fixed or graduated monthly payments and repay their loan in full over a period of time, not to exceed 25 years (not including periods of deferment or forbearance). To be eligible for either Extended Repayment Plan, student must be a new borrower* on or after Oct. 7, 1998, and student must have more than $30,000 in federal student loan debt.
Additional Info: The required monthly payment amount will be based on the student’s income during any period when they have a partial financial hardship. The monthly payment amount may be adjusted annually. The maximum repayment period under this plan may exceed 10 years. If student’s meet certain requirements over a specified period of time, they may qualify for cancellation of any outstanding balance on their loans.
Any Stafford, Grad PLUS or Consolidation loan made under either the Direct Loan or FFEL program is eligible for repayment under IBR, EXCEPT loans that are currently in default, parent PLUS Loans, or consolidation loans that repaid a parent PLUS Loan. The loans can be new or old, and for any type of education (undergraduate, graduate, professional, job training).
You may enter IBR if your federal student loan debt is high relative to your income and family size. You can use the Department's IBR calculator or other calculators listed above to estimate if you would likely benefit from the IBR plan. It looks at your income, family size, and state of residence to calculate your IBR monthly payment amount. If that amount is lower than the monthly payment under a 10-year standard repayment plan, then you are eligible to repay your loans under IBR.
If you repay under the IBR plan for 25 years, make 300 payments and meet certain other requirements, any remaining balance will be cancelled.
Additional Info: Income Contingent Plan is only available to FDLP borrowers
Monthly payment amount will be based on:
As income changes, payments may change. If students do not fully repay their loan after 25 years under this plan, the unpaid portion will be forgiven. Students may have to pay income tax on any amount forgiven.
Additional Info: Income-Sensitive Plan is only available to FFELP borrowers