Repayment Plans

Determining the best repayment plan is not a “one-size-fits-all” task.  You should, instead, determine which plan fits with your life and financial goals.  You should also keep in mind that your repayment plan can change over time to reflect your ever evolving financial situation.

When selecting a repayment plan, you should first identify your goal:

1. To Minimize Total Repayment Costs
   • Reduces Costs
   • Reduces Repayment Period
   • Save Money
2. To Minimize Monthly Repayment Costs
   1. Provides Affordability
   2. Provides Flexibility
   3. Could Lead to Loan Forgiveness

Once you have identified your goal, you can move on to the second step: selecting your repayment plan:

1. Plans that Minimize Total Repayment Costs
   • Standard Repayment (10 years)
   • Graduate Repayment (10 years)
   • Extended Repayment (25 years)
2. Plans that Minimize Monthly Repayment Costs
   • Pay As You Earn-PAYE (20 years)
   • Revised Pay As You Earn-REPAYE (25 years)
   • Income Based Repayment-IBR (25 years)
   • Income Contingent Repayment-ICR (25 years)

Click here for a side-by-side comparison of the repayment plans available to you.