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Repayment Schedules and Options
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Federal student loan borrowers can repay their loans in a number of different ways—and even possibly postpone making payments.
Paying your loans is always the best option: The more you pay now, the less you pay later. But, if you find it easier to pay less—or you cannot afford to pay anything—take advantage of these options. Do what’s best for you.
Repayment Schedules
There are 6 repayment schedules available to federal student loan borrowers:
- The normal schedule—and the one in which you pay the least interest overall—is standard repayment.
- If you need to lower your monthly payments, you can do so by stretching your repayment period with extended repayment.
- You can also pay less now without extending your repayment period by using graduated repayment.
- If you don’t make enough money to cover your payments, you may be eligible for income-contingent repayment (for Direct Loan borrowers) or income-sensitive repayment (for Federal Family Education Loan Program borrowers).
- If you have high student loan debt and/or a low income, the right plan for you may be income-based repayment.
- Combine all your loans into a single loan—with a single payment—by consolidating your loan.
You are allowed to change your repayment schedule once a year (or once you qualify for income-based repayment). Also, for all federal student loans, there is no penalty for paying off your loan before it is due.
Additional Options
If you are struggling to make any payment due to personal circumstances, you have other options.
- You may be able to temporarily postpone your payments with deferment or forbearance.
- You can see if you are eligible to have part of your balance or your entire loan forgiven or discharged.
