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Level (Standard) Repayment

Typically this is the least expensive option in terms of total interest costs. Also known as the standard repayment plan, this option is the choice of most federal education-loan borrowers. This plan provides a fixed monthly payment of at least $50 over a period of up to 10 years. If your monthly payments under this option exceed 8 percent to 10 percent of your gross monthly income, however, you should consider one of the following flexible repayment options or loan consolidation.

Graduated Repayment

Monthly payments start low and increase over time. Graduated repayment may be a good choice if you currently have limited income but expect higher earnings in the future. The maximum repayment term under this option is 10 years. Total interest costs are higher under this option than with level repayment.

Income-Sensitive Repayment

Payments can be adjusted up or down annually to account for changes in your income. The minimum payment must be enough to cover accruing interest. The repayment period of 10 years can be extended to 15 years under a special forbearance provision. Total interest costs will be higher with this option than with level repayment.

Loan Consolidation

Consolidation permits you to bundle all of your federal education loans into a convenient single monthly payment at a fixed interest rate. Depending on your total outstanding loan balance, you also may be able to extend your repayment period and lower your monthly payments by as much as 40 percent. You are likely to pay more total interest, however, by extending your payment period and making smaller payments over a longer term.

Extended Repayment

This option is available only if you did not have a balance on a Federal Family Education Loan Program (FFELP) loan as of October 7, 1998, or at the time your received a FFELP loan after Oct. 7, 1998. Extended repayment is available only if your outstanding education-loan balance is more than $30,000.

Under this plan, you may reduce the amount of your monthly payment by spreading payments over a period of up to 25 years. You may choose to make payments over this extended period under a level or graduated schedule. Because payments are stretched over a longer term, total interest costs will be significantly higher than under the other repayment plans.

Student Loan Repayment Relief

Click here to download deferment & forbearance forms

Deferment

If you meet the qualifications for deferment and submit the required documentation, you are entitled to defer principal payments, in the case of unemployment or economic hardship, for up to a total of three years during the term of your loans. There is no maximum time limit for deferment while you are continuously enrolled at least half time in school or participating in a qualified graduate-fellowship or rehabilitation-training program.

Forbearance

If you don't meet the requirements for deferment but still need payment relief, you may appeal to your lender or loan servicer for forbearance. Forbearance permits you to reduce or postpone payments or extend the time for making payments, usually at the discretion of the lender. A forbearance request typically is granted for period of up to 12 months.