Repayment Plan Comparison

With all of the repayment options that are out there it can become a confusing mess trying to figure out which plan is the best for you. Sometimes the best way to decide is to do a side-by-side comparison of all of your options. We did all the heavy lifting for you...

Repayment Plan	Eligible Loans	Monthly Payment and Time Frame	Quick Comparison
Standard Repayment Plan	Direct Loans FFELP Loans All PLUS loans	Payments are a fixed amount of at least $50 per month. Up to 10 years	You'll pay less interest for your loan over time under this plan than you would under other plans.
Graduated Repayment Plan*	Direct Loans FFELP Loans All PLUS loans	Payments are lower at first and then increase, usually every two years. Up to 10 years	You'll pay more for your loan over time than under the 10-year standard plan.
Extended Repayment Plan*	Direct Loans FFELP Loans All PLUS loans	Payments may be fixed or graduated. Up to 25 years	Your monthly payments would be lower than the 10-year standard plan.
Income-Based Repayment Plan (IBR)	Direct Loans FFELP Loans All GradPLUS loans Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL Parent PLUS loans	Your maximum monthly payments will be 15 percent of discretionary income, the difference between your adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (other conditions apply). Your payments change as your income changes. Up to 25 years	You must have a partial financial hardship. Your monthly payments will be lower than payments under the 10-year standard plan. You'll pay more for your loan over time than you would under the 10-year standard plan. If you have not repaid your loan in full after making the equivalent of 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven. You may have to pay income tax on any amount that is forgiven.
Revised Pay As You Earn (REPAYE) Repayment Plan	Direct Loans ONLY Subsidized, Unsubsidized, and GradPLUS loans Direct Consolidation Loans that do not include Parent PLUS loans	Your monthly payments will be 10 percent of your and your spouse’s (if applicable) discretionary income, the difference between your adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (other conditions apply). Your payments change as your income changes. Up to 20 or 25 years	No income requirement to enter plan Your monthly payments may be lower than payments under the 10-year standard plan. If you have not repaid your loan in full after you made the equivalent of 20 or 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven. Additional interest subsidy (when applicable) Under current IRS rules, any loan amount that is forgiven under REPAYE or any income driven repayment plan is considered taxable income.
Pay As You Earn (PAYE) Repayment Plan	Direct Loans FFELP Loans All GradPLUS loans Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL Parent PLUS loans	Your maximum monthly payments will be 10 percent of discretionary income, the difference between your adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (other conditions apply). Your payments change as your income changes. Up to 20 years	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 partial financial hardship. Your monthly payments will be lower than payments under the 10-year standard plan. You'll pay more for your loan over time than you would under the 10-year standard plan. If you have not repaid your loan in full after you made the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven. You may have to pay income tax on any amount that is forgiven.
Income-Contingent Repayment Plan	Direct Loans All GradPLUS loans Consolidation Loans	Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans. Your payments change as your income changes. Up to 25 years	You'll pay more for your loan over time than under the 10-year standard plan. If you do not repay your loan after making the equivalent of 25 years of qualifying monthly payments, the unpaid portion will be forgiven. You may have to pay income tax on the amount that is forgiven.
Income-Sensitive Repayment Plan	FFELP Loans FFEL PLUS Loans FFEL Consolidation Loans	Your monthly payment is based on annual income. Your payments change as your income changes. Up to 10 years	You'll pay more for your loan over time than you would under the 10-year standard plan. Each lender's formula for determining the monthly payment amount under this plan can vary.

Repayment Plan

Eligible Loans

Monthly Payment and Time Frame

Quick Comparison

Standard Repayment Plan

Direct Loans

FFELP Loans

All PLUS loans

Payments are a fixed amount of at least $50 per month.

Up to 10 years

You'll pay less interest for your loan over time under this plan than you would under other plans.

Graduated Repayment Plan*

Direct Loans

FFELP Loans

All PLUS loans

Payments are lower at first and then increase, usually every two years.

Up to 10 years

You'll pay more for your loan over time than under the 10-year standard plan.

Extended Repayment Plan*

Direct Loans

FFELP Loans

All PLUS loans

Payments may be fixed or graduated.

Up to 25 years

Your monthly payments would be lower than the 10-year standard plan.

Income-Based Repayment Plan (IBR)

Direct Loans

FFELP Loans

All GradPLUS loans

Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL Parent PLUS loans

Your maximum monthly payments will be 15 percent of discretionary income, the difference between your adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (other conditions apply).

Your payments change as your income changes.

Up to 25 years

You must have a partial financial hardship.

Your monthly payments will be lower than payments under the 10-year standard plan.

You'll pay more for your loan over time than you would under the 10-year standard plan.

If you have not repaid your loan in full after making the equivalent of 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

You may have to pay income tax on any amount that is forgiven.

Revised Pay As You Earn (REPAYE) Repayment Plan

Direct Loans ONLY

Subsidized, Unsubsidized, and GradPLUS loans

Direct Consolidation Loans that do not include Parent PLUS loans

Your monthly payments will be 10 percent of your and your spouse’s (if applicable) discretionary income, the difference between your adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (other conditions apply).

Your payments change as your income changes.

Up to 20 or 25 years

No income requirement to enter plan

Your monthly payments may be lower than payments under the 10-year standard plan.

If you have not repaid your loan in full after you made the equivalent of 20 or 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

Additional interest subsidy (when applicable)

Under current IRS rules, any loan amount that is forgiven under REPAYE or any income driven repayment plan is considered taxable income.

Pay As You Earn (PAYE) Repayment Plan

Direct Loans

FFELP Loans

All GradPLUS loans

Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL Parent PLUS loans

Your maximum monthly payments will be 10 percent of discretionary income, the difference between your adjusted gross income and 150 percent of the poverty guideline for your family size and state of residence (other conditions apply).

Your payments change as your income changes.

Up to 20 years

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 partial financial hardship.

Your monthly payments will be lower than payments under the 10-year standard plan.

You'll pay more for your loan over time than you would under the 10-year standard plan.

If you have not repaid your loan in full after you made the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

You may have to pay income tax on any amount that is forgiven.

Income-Contingent Repayment Plan

Direct Loans

All GradPLUS loans

Consolidation Loans

Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans.

Your payments change as your income changes.

Up to 25 years

You'll pay more for your loan over time than under the 10-year standard plan.

If you do not repay your loan after making the equivalent of 25 years of qualifying monthly payments, the unpaid portion will be forgiven.

You may have to pay income tax on the amount that is forgiven.

Income-Sensitive Repayment Plan

FFELP Loans

FFEL PLUS Loans

FFEL Consolidation Loans

Your monthly payment is based on annual income.

Your payments change as your income changes.

Up to 10 years

You'll pay more for your loan over time than you would under the 10-year standard plan.

Each lender's formula for determining the monthly payment amount under this plan can vary.

* Some loans that first entered repayment prior to July 1, 2006 may be eligible for an extended term.

You can read more about Lower Payment Options, or if any of these look like they may work for you, give us a call at 855-337-6884. Our customer service representatives will help you determine if that is the best plan for you and apply for your new repayment plan. You may also log into Manage My Account and select "Payments" in the top menu to explore various repayment options and to see if you qualify for a reduced payment.