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Choose the right plan for you
Picking the right payment plan depends on your financial goals and your ability to pay.
Standard repayment is generally a 10-year term and 120 equal monthly payments.
If you want smaller monthly payments, graduated or extended repayment may be best for you.
Our Payment comparison calculator can show you each plan side-by-side so you can see what each will cost you and which payment plan is the best fit for you:
- Standard: higher monthly payments, lower lifetime costs
- Graduated: payments increase gradually over time, somewhat higher lifetime costs
- Extended: lower monthly payments over a longer time period, higher lifetime costs
Make it a habit to review your payment plan every year to make sure it’s still a good fit for you.
Standard repayment
Standard repayment allows you to pay your loans over 10 years in 120 equal monthly installments. Because you immediately begin making payments to reduce the principal balance, standard repayment costs you the least amount over the life of the loan.
Key features of standard repayment:
- The same payments every month ($50 minimum) until the loan is paid in full
- Maximum 10-year term for Stafford loans
- Lowest lifetime costs
- Best for borrowers with a steady income
Graduated repayment
Graduated repayment is designed for those who have a low salary early in their repayment period, but expect to earn more in the future. You start with lower monthly payments that increase over time.
Graduated repayment is a good compromise between standard repayment and the higher lifetime costs of extended repayment.
Key features of graduated repayment:
- Lower monthly payments that increase over time
- No payment is more than three times the lowest payment
- Payments must cover interest
- Maximum 10-year term for Stafford loans
Extended repayment
If you borrowed more than $30,000 in federal student loans through a single loan program, you can lower your monthly payments by extending your payments for up to 25 years. While it does save money in the short term, extended repayment creates much higher lifetime costs. This is due to the fact that more interest will accrue on the loan balance and you will make payments over a longer period of time.
Key features of extended repayment:
- Designed for borrowers with more than $30,000 in federal student loan debt in a single loan program (i.e., FFEL or Direct Loan)
- Lowers monthly payments by extending the loan term up to 25 years
- Choose fixed or graduated (increasing over time) payments
- Much higher lifetime costs
