Whatever your monthly budget is, we have a repayment plan to help make paying back your student loans a little easier. Refer to your loan type below to determine which payment options are available. Then scroll down to learn more about each of the repayment types.



Standard Repayment Plan
Federal Loans: Under this plan, your monthly payment will remain the same over your entire repayment period. The repayment period on a standard repayment plan is typically 10 years. If you can afford the monthly payments, this is your most economical choice among repayment alternatives.

Academic Answer Private Loan: This is the only plan offered for the Academic Answer private loan. Under this plan, your monthly payment will depend on the amount you owe; however, there is a minimum amount. Find out more details about the Academic Answer loan.

Extended Repayment Plan
This plan is similar to the standard repayment plan, but allows a loan term of up to 25 years. When payments are paid over a longer period, the monthly payment is lower but the total amount repaid over the lifetime of the loan is higher. To qualify, your first Stafford or PLUS federal loan must have been received on or after 10/07/98 and your accumulated FFELP loan balance must exceed $30,000.

Graduated Repayment Plan
This plan begins with lower payments for the first two years covering interest only. Beginning in the third year, payments increase and remain the same for the remainder of the loan term. This plan is meant to help make it easier to pay back your loan as you start your career.

Income-Sensitive Repayment Plan
This plan ties the size of your monthly payment to your income level and is adjusted based on current income and student loan debt. Unpaid interest will continue to be added to your loan which increases the amount of debt owed. This plan is arranged through your loan servicer.

Income-Based Repayment (IBR) Plan
Under this plan, effective July 1, 2009, your monthly payment is capped at a certain amount based on your adjusted gross income and family size. Federal Stafford (Subsidized and Unsubsidized), Grad PLUS, and Federal Consolidation loans are eligible for repayment under the IBR plan. A reduced payment in IBR generally extends your repayment period and you may pay more total interest over the life of the loan. This plan is arranged through your loan servicer.

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Loan forgiveness
Under certain circumstances, the federal government may cancel all or part of an educational loan. This practice is called Loan Forgiveness. To qualify, you must:

• Perform volunteer work
• Perform military service
• Teach or practice medicine in certain types of communities
• Meet other criteria specified by the forgiveness program

Details can be found through the Department of Education or through your servicer. Helpful links:

http://www.studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp

http://www.finaid.org/loans/forgiveness.phtml

For more information on repayment plans, please call our Education Loan Specialists at 800.552.3006.