STUDENT FINANCIAL SERVICES  |  OFFICE OF THE UNIVERSITY REGISTRAR  |  STUDENT EMPLOYMENT

   
Student and Parent Loans
Federal Student Loan Repayment Amount
 

Your federal loans have a standard 10-year repayment schedule.  However, there are provisions allowing you to extend your repayment for up to 30 years, depending on the overall amount you borrow.  Extending the length of your repayment will lower your monthly payment, but it will also most likely increase the overall cost of the loan to you as interest will accrue over a longer period.

Below is information on various repayment options.  You may want to use this information in conjunction with the loan repayment calculator at http://www.finaid.org/calculators/loanpayments.phtml to determine what repayment schedule is in your best interest.

 
Repayment Options
 

The various repayment options offered on federal student loans include the following:  Standard, Extended, Graduated, Income-Based, Income Contingent, and Income Sensitive.

Standard – fixed monthly payment for up to 10 years; $50 minimum monthly payment

Extended – fixed monthly payments up to 30 years, depending on amount borrowed; reduces monthly payments, but increases interest paid and overall amount repaid over life of loan

Graduated – lower monthly payments for first two years, then payments increase; payments up to 30 years, depending on amount borrowed; based on assumption that ability to repay increases as anticipated student earnings increase

Income-Based – monthly payments based on borrower’s income, family size, and total amount borrowed; payments adjusted on yearly basis for up to 25 years; any remaining loan amount after 25 years is discharged as taxable event; best for students pursing public service careers and those with high debt and low income

Income Contingent – monthly payments based on borrower’s income, family size, and total amount borrowed; payments adjusted on yearly basis for up to 25 years; any remaining loan amount after 25 years is discharged as taxable event

Income Sensitive – monthly payments based on percentage (4% to 25%) of borrower’s income; monthly payment must be greater than accrued interest; borrowers must reapply annually; limited to 10-year repayment schedule

 
Additional information can be found at http://www.finaid.org/loans/default.phtml.
 
More Loan Repayment Information
  Student Loan Checklist
  Exit Interview
 

Loan Consolidation

 

Repayment Timing

 

Repayment Amount

 

Income-Based Repayment (IBR)

  Public Service Loan Forgiveness
 

Loan Glossary

 

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