Financial Literacy

Loan Repayment Options

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Financial Literacy
Loan Repayment Options

Check your federal student loan information and balance at NSLDS.ed.gov. You will need to make sure your FSA ID is set up to access your account. There are multiple repayment plans available. You can change your repayment plan at any time by contacting your loan servicer. Parent Direct PLUS Loan borrowers may only choose from the standard, extended, or graduated options, but graduate student Direct PLUS Loan borrowers may also choose the income contingent repayment plan or the income-based repayment plan.

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

Income Based Repayment Plan
A partial financial hardship is a circumstance in which the annual amount due on your eligible loans, as calculated under a 10 year Standard Repayment Plan, exceeds 15 percent of the difference between your adjusted gross income (AGI) and 150 percent of the poverty line for your family size in the state where you live.

Pay As You Earn Repayment Plan
A partial financial hardship is a circumstance in which the annual amount due on your eligible loans, as calculated under a 10 year Standard Repayment Plan, exceeds 10 percent of the difference between your adjusted gross income (AGI) and 150 percent of the poverty line for your family size in the state where you live.

Teacher Loan Forgiveness
Available to borrowers who become full time teachers in a low income elementary or secondary school for five consecutive years. Up to $17,500 of subsidized and unsubsidized Direct or FEEL program loans can be forgiven. PLUS loans are not eligible.

Public Service Loan Forgiveness
Borrowers who are employed full time in certain public service jobs and have made 120 payments toward Direct loans may have the remaining balance they owe forgiven. Only payments made under certain repayment plans may be counted toward the required 120 payments. You must not be in default on the loans that are forgiven. Click here to learn more about Forgiveness, Cancellation, and Discharge on the Federal Student Aid Website.

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