Loan Repayment Options

Explore your options...choose the repayment plan that is best for you.

If you are having trouble making your loan payments, you can also check out our FFELP Forms page.  You may be able to reduce or postpone your payments through deferment or forbearance.

Income-Based Repayment

IBR lowers your loan payments by calculating your payment amount based on your adjusted gross income and family income.  Visit  Income-Based Repayment for full details regarding additional criteria and benefit for this repayment option.  Available July 1, 2009.

Equal Payment Plan

You make equal monthly payments during the entire term of your loan(s).

Select 2

You pay interest only during the first two years of your repayment term.  Payments then increase in year three to include both principal and interest.

Select 5

You pay interest only during the first two years of your repayment term, followed by three years of slightly higher payments, which include interest plus a portion of principal.  Regular principal and interest payments begin in year six.

Income Sensitive Repayment

Your monthly payment is calculated based on a percentage of your expected total monthly gross income and will be reevaluated annually up to a maximum of 5 years.

Extended Repayment

If your loan balance is over $30,000, you may extend the repayment term to 25 years under an Equal Payment or Select Plan.

There is no penalty for prepayment, no matter which plan you choose.  In fact, we encourage prepayment so you can reduce the total amount of interest you pay on your loan.