Skip to main content

Repayment Options

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

  • Up to 10 years to fully repay
  • Highest initial monthly payment & lowest total interest paid

Graduated Repayment Plan

  • Starts with interest only payments, payments gradually increase every 2 years
  • Tiered payment structure
  • Up to 10 years to fully repay

Extended Repayment Plan

  • You must have borrowed at least $30,000 to qualify
  • Allows repayment term of up to 25 years depending on how much you borrow
  • Lowest monthly payment without considering income

 

Income Driven Repayment Plans

Revised Pay As You Earn (REPAYE)

  • You must be a new borrower on or after 10/1/2007.
  • Repayment is up to 20 years
  • Maximum payment is up to 10 percent of "discretionary income"
  • Payments adjust 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 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
  • Maximum payment is up to 10 percent of "discretionary income"
  • Payments adjust 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 balance on your loan will be forgiven.

Income Contingent Repayment Plan (ICR)

  • Repayment is up to 25 years.
  • Maximum payment is up to 20 percent of "discretionary income"
  • Payments adjust 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 balance on your loan will be forgiven.

Income Based Repayment Plan (IBR)

  • Repayment is up to 25 years.
  • Maximum payment is up to 15 percent of "discretionary income"
  • Payments adjust 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 balance on your loan will be forgiven.