Disbursement

Repayment begins 6 months after graduation or when you drop below half-time. Repayment begins immediately after you drop below half-time enrollment if you have already used your 6 month grace period.

Below is a brief description of repayment options. Please click on each plan for further details.

Standard Repayment Plan
Repayment is up to 10 years and monthly payment is fixed.

Graduated Repayment Plan
Repayment is up to 10 years. Payments are lower at first then increase every two years.

Extended Repayment Plan
Repayment is up to 25 years. Payments may be fixed of graduated.

Income Based Repayment Plan (IBR)
Repayment is up to 25 years. Your maximum monthly payments will be 15 percent of “ discretionary income”. Your payments change as your income changes. If you have not repaid your loan in full after making the equivalent of 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

Pay As You Earn (PAYE)
You must be a new borrower on or after 10/1/2007. Repayment is up to 20 years. Your maximum monthly payments will be 10 percent of “discretionary income”. Your payments change as your income changes. If you have not repaid your loan in full after making the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.

Income Contingent Repayment Plan (ICR)
Repayment is up to 25 years. Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans. If you have not repaid your loan in full after making the equivalent of 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.