There are following kinds of Repayment Plans available for repaying your Direct Loans and Federal Family Education Loan (FFEL) Program Loans.

 

• Standard Repayment Plan

• Graduated Repayment Plan

• Extended Repayment Plan

• Revised Pay As You Earn Repayment Plan (REPAYE)

• Pay As You Earn Repayment Plan (PAYE)

• Income-Based Repayment Plan (IBR)

• Income-Contingent Repayment Plan (ICR)

• Income-Sensitive Repayment Plan

 

Standard Repayment Plan:

 

Payments are fixed.

Duration up to 10 years

Duration can be between 10 and 30 years if the loan is a Consolidation Loan.

This is the repayment plan in which borrowers are normally placed if they don’t choose any other repayment plan.

 

Following loans are eligible for this plan.

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct PLUS Loans

• Direct Consolidation Loans

• Subsidized Federal Stafford Loans

• Unsubsidized Federal Stafford Loans

• FFEL PLUS Loans

• FFEL Consolidation Loans

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Graduated Repayment Plan:

 

Starts at low payment.

Payment increases every two years

Duration up to 10 years

Duration can be between 10 and 30 years if the loan is a Consolidation Loan.

 

Following loans are eligible for this plan.

 

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct PLUS Loans

• Direct Consolidation Loans

• Subsidized Federal Stafford Loans

• Unsubsidized Federal Stafford Loans

• FFEL PLUS Loans

• FFEL Consolidation Loans

 

Extended Repayment Plan:

 

It allows borrower to extend the period up to 25 years

Payments are generally lower than Standard and Graduated Repayment Plans

 

Following loans are eligible for this plan.

 

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct PLUS Loans

• Direct Consolidation Loans

• Subsidized Federal Stafford Loans

• Unsubsidized Federal Stafford Loans

• FFEL PLUS Loans

• FFEL Consolidation Loans

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Revised Pay As You Earn Repayment Plan (REPAYE):

 

Payments can be as low as $0

Eligibility depends upon income and family size

Payment amount is generally 10 percent of the income

 

Following loans are eligible for this plan.

 

• 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

 

Pay As You Earn Repayment Plan (PAYE):

 

Payments can be as low as $0

Eligibility depends upon income and family size

Payment amount is generally 10 percent of the income but can’t be more than 10 year Standard Repayment Plan amount

 

Following loans are eligible for this plan.

 

• Direct Subsidized and Unsubsidized Loans

• Direct PLUS loans made to students

• Direct Consolidation Loans that do not include (Direct or FFEL) PLUS loans made to parents

 

 

Income-Based Repayment Plan (IBR):

 

Payments can be as low as $0

Eligibility depends upon income and family size

Payment amount is generally 10 percent of the income if you’re a new borrower on or after July 1st 2014 but can’t be more than 10 year Standard Repayment Plan amount

Payment amount is generally 15 percent of the income if you’re nor a new borrower on or after July 1st 2014 but can’t be more than 10 year Standard Repayment Plan amount

 

Following loans are eligible for this plan.

 

• Direct Subsidized and Unsubsidized Loans

• Subsidized and Unsubsidized Federal Stafford Loans

• all PLUS loans made to students

• Consolidation Loans  (Direct or FFEL) that do not include  Direct or FFEL PLUS loans made to parents

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Income-Contingent Repayment Plan (ICR):

 

Payments can be as low as $0

Eligibility depends upon income and family size

Payment amount is generally 20 percent of the income

 

Following loans are eligible for this plan.

 

• Direct Subsidized and Unsubsidized Loans

• Direct PLUS Loans made to students

• Direct Consolidation Loans

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Income-Sensitive Repayment Plan:

 

Payment duration is 15 years and loan is paid in full in this time period

Monthly payment is determined by your income

 

Following loans are eligible for this plan.

• Subsidized and Unsubsidized Federal Stafford Loans

• FFEL PLUS Loans

• FFEL Consolidation Loans