You may check the information and balance regarding your federal student loans at https://studentaid.gov. You will need to make sure your FSA ID (Federal Student Aid ID) is set up to access your account. You’ve used your FSA ID to complete the FAFSA and Master Promissory Note (for the loan). The standard repayment is set for 10 years; however, there are multiple repayment plans available. You can change your repayment plan at any time by contacting your loan servicer. Parent Direct PLUS loan borrowers may only choose from the standard, extended, or graduated options, but other student loans may qualify for the income contingent repayment plan or the income based repayment plan. It is very important that you protect your credit score and choose a repayment plan that will allow you to make timely payments on your student loans.
Repayment Plans
Overview of Direct Loan and FFEL Program Repayment Plans
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Repayment Plan |
Eligible Loans |
Monthly Payment and Time Frame |
Eligibility and Other Information |
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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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Payments are lower at first and then increase, usually every two years. Up to 10 years (up to 30 years for Consolidation Loans). |
All borrowers are eligible for this plan. You’ll pay more over time than under the 10-year Standard Plan. |
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Payments may be fixed or graduated. Up to 25 years. |
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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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. |
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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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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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. |
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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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. |
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 Direct Consolidation Loan.
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Your monthly payment is based on annual income. Up to 15 years. |
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. |
Partial Financial Hardship
It’s possible to qualify for temporarily postponing payments under a financial hardship.