Loan Repayment Plans

Time to start repaying your student loans? Use EdWise,^® EdFund’s Online Financial Planning Guide, to find a repayment plan that fits your budget. Several options are available.

Your lender will automatically set up your loan on the standard repayment plan. If you prefer another repayment plan simply call your lender to discuss your options. You also have the option to change your repayment plan on an annual basis by contacting your lender.

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• Pay towards the interest on your UnSubsidized Loan.
• Pay your loan off early.

Standard Repayment

Graduated Repayment

• Payments are smaller at the beginning of repayment and gradually increase over time.
• No single payment may be more than three times greater than any other payment.
• Repayment term is generally 10 years.

Income-Sensitive Repayment

• Payments are adjusted annually based on your monthly gross income.
• Payment amount must cover at least the interest due.
• Repayment term varies.

Extended Repayment

• Available to borrowers that do not have a outstanding balance as 10/07/1998 and have an outstanding balance of principal and interest totaling more than $30,000
• Payment must cover at least the interest due.

Income-Based Repayment — Available as of July 1, 2009

• You must demonstrate partial financial hardship to qualify.
• Payments are 15 percent of your discretionary income.
• Payments are adjusted annually based on your Adjusted Gross Income and family size.
• Payments can be zero.
• Additional benefits such as restricted capitalization, loan forgiveness, and interest subsidies may be available.
• Contact your lender for more details.
• To determine if you qualify for the IBR plan, use the EdFund Income-Based Repayment Calculator.

To view the differences between repayment plans at a glance, visit the Loan Comparison Chart.

Created: November 20, 2009 @ 04:17 PM
Last Modified: March 23, 2011 @ 09:02 AM