Federal Stafford Loan and Grad PLUS Loan Repayment

Standard Repayment Plan

Under the Standard Repayment Plan, monthly payments are a fixed amount of at least $50 per month for up to 10 years.  Borrowers who do not request a different repayment plan from their loan holder will automatically be set up on a standard repayment plan.

Calculate estimated loan payments under this plan.

Graduated Repayment Plan

Under the Graduated Repayment Plan, monthly payments start out lower and increase every two years over a 10-year repayment period.  Payments must be high enough to cover the interest that accrues each month.

Calculate estimated loan payments under this plan.

Extended Repayment Plan

Under the Extended Repayment Plan, monthly payments are a fixed or graduated amount over a 25-year repayment period.  Borrowers must have more than $30,000 in outstanding federal student loans to qualify for this plan.

Calculate estimated loan payments under this plan.

Pay As You Earn Repayment Plan

Under the Pay As You Earn Repayment Plan, monthly payments are determined annually based on income and family size over a 20-year repayment period.  Payments are capped at 10 percent of discretionary income and are never more than the 10-year standard repayment amount.  Any outstanding balance remaining after 20 years of qualifying repayment is forgiven.  To be eligible, borrowers must have taken a loan out on or after October 1, 2007 and have received at least one loan disbursement on a Federal Direct Loan on or after October 1, 2011. Starting in December, 2015, all federal direct loan borrowers will be eligible to cap their monthly payments at 10 percent of their discretionary income and have any remaining debt forgiven after 20 years of making payments. This plan, Revised Pay as You Earn, or REPAYE, is basically an expansion of the current Pay As Your Earn which is available to borrowers who received a federal direct loan disbursement on or after Oct. 1, 2011 and who had not borrowed a direct loan prior to October 1, 2007.

 

Calculate estimated loan payments under this plan.

Income-Based Repayment Plan

Under the Income-Based Repayment Plan, monthly payments are determined annually based on income and family size over a 25-year repayment period.  Payments are capped at 15 percent of discretionary income and are never more than the 10-year standard repayment amount.  Any outstanding balance remaining after 25 years of qualifying repayment is forgiven.

Calculate estimated loan payments under this plan.

Income Contingent Repayment Plan

Under the Income Contingent Repayment Plan, monthly payments are determined annually based on adjusted gross income, family size, and the borrower’s total Direct Loan balance.  Payments are made over a maximum of 25-year repayment period and are capped at 15 percent of discretionary income.  Any outstanding balance remaining after 25 years of qualifying repayment is forgiven.  Borrowers who do not qualify for Income-Based Repayment or Pay As You Earn Repayment may be eligible for this plan.

Calculate estimated loan payments under this plan.

 

* If you are age 24 or older, a graduate or professional student, married, a student with legal dependents other than a spouse, a veteran of the U.S. Armed Forces, currently serving on active duty in the U.S. Armed Forces for other than training purposes or an orphan or ward of the court (or were until age 18), you are considered independent.

Printed from the Iowa College Student Aid Commission website on December 11, 2017 at 12:06am.