Loan Repayment Plans

Standard Repayment - Under the Standard Repayment Plan, payments of principal and interest are divided into equal monthly installments throughout the repayment period. The maximum repayment period is ten (10) years.

Extended Repayment Plan - If you are a new borrower after October 7, 1998 and have accumulated more than $30,000 in student loan debt, the repayment period may be extended up to 25 years.

Graduated Repayment Plan - The Graduated Repayment Plan allows borrowers to make smaller payments at the beginning of the repayment term, which gradually increase over time. The maximum repayment period is 10 years.

Income Sensitive Repayment Plan - Under this plan, payments are based on the borrower's documented monthly income. The maximum repayment period is 10 years. Income sensitive schedules are valid for 12 months at a time. Yearly, borrowers must certify their income to qualify for a continued 12 months of income sensitive payments.

Be aware that with the Graduated and Income Sensitive Repayment Plans  the total amount repaid is greater than with the Standard Repayment Plan because more interest is paid during the loan repayment period.