To make your payments more affordable, repayment plans can give you more time to repay your loans or can be based on your income.
Although you may select or be assigned a repayment plan when you first begin repaying your student loan, you can change repayment plans at any time—for free.
Contact your loan servicer if you would like to discuss repayment plan options or change your repayment plan. You can get information about all of the federal student loans you have received and find the loan servicer for your loans by logging in to “My Federal Student Aid.”
Use Loan Simulator
Before you contact your loan servicer to discuss repayment plans, you can use Loan Simulator to get an early look at which plans you may be eligible for and see estimates for how much you would pay monthly and overall.
Private student loans you may have received are not federal loans and are not included in “My Federal Student Aid.”
Types of Repayment Plans
Standard Repayment Plan
Eligible Borrowers
All borrowers are eligible for this plan.
Monthly Payment and Time Frame
Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
Eligible Loans
- Direct Subsidized and Unsubsidized Loans
- Subsidized and Unsubsidized Federal Stafford Loans
- all PLUS loans
- all Consolidation Loans (Direct or FFEL)
Good to know
You’ll usually pay less over time than under other plans.
Standard Repayment Plan with a 10-year repayment period is not a good option for those seeking Public Service Loan Forgiveness (PSLF).
Standard Repayment Plan for Consolidation Loans is not a qualifying repayment plan for PSLF.
Read more about the Standard Repayment Plan
Graduated Repayment Plan
Eligible Borrowers
All borrowers are eligible for this plan.
Monthly Payment and Time Frame
Payments are lower at first and then increase, usually every two years, and are for an amount that will ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
Eligible Loans
- Direct Subsidized and Unsubsidized Loans
- Subsidized and Unsubsidized Federal Stafford Loans
- all PLUS loans
- all Consolidation Loans (Direct or FFEL)
Good to know
You’ll pay more over time than under the 10-year Standard Plan.
Generally not a qualifying repayment plan for PSLF.
Read more about the Graduated Repayment Plan
Extended Repayment Plan
Eligible Borrowers
If you’re a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans.
Monthly Payment and Time Frame
Payments may be fixed or graduated, and will ensure that your loans are paid off within 25 years.
Eligible Loans
- Direct Subsidized and Unsubsidized Loans
- Subsidized and Unsubsidized Federal Stafford Loans
- all PLUS loans
- all Consolidation Loans (Direct or FFEL)
Good to know
Your monthly payments will be lower than under the 10-year Standard Plan or the Graduated Repayment Plan.
You’ll pay more over time than under the 10-year Standard Plan.
Not a qualifying repayment plan for PSLF.
Read more about the Extended Repayment Plan
Revised Pay As You Earn Repayment Plan (REPAYE)
Eligible Borrowers
Any Direct Loan borrower with an eligible loan type may choose this plan.
Monthly Payment and Time Frame
Your monthly payments will be 10 percent of discretionary income.
Payments are recalculated each year and are based on your updated income and family size.
You must update your income and family size each year, even if they haven’t changed.
If you’re married, both your and your spouse’s income or loan debt will be considered, whether taxes are filed jointly or separately (with limited exceptions).
Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).
Eligible Loans
- Direct Subsidized and Unsubsidized Loans
- Direct PLUS Loans made to students
- Direct Consolidation Loans that do not include PLUS loans (Direct or FFEL) made to parents
Good to know
You’ll usually pay more over time than under the 10-year Standard Plan.
You may have to pay income tax on any amount that is forgiven.
Good option for those seeking PSLF.