Successful Repayment

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Borrower Counseling Group

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Repayment Schedules and Options

Student loan borrowers can repay different types of 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 for Stafford and Grad PLUS 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.

Parent PLUS loan borrowers can choose from any of the plans above except income-based repayment or income-contingent repayment. However, you can become eligible for income-contingent repayment by consolidating your Parent PLUS loans.

You can only change your repayment schedule once a year (unless you're switching to 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 may qualify for deferment or forbearance if you have been impacted by a federally declared disaster.
You can see if you are eligible to have part of your balance or your entire loan forgiven or discharged.

Repaying Perkins Loans

Perkins loans have fewer repayment options; however, you can postpone payments, including through Perkins-specific deferments.

Repayment for Perkins loans lasts 10 years.
Your school determines your payment amount—the minimum payment is $40—and the frequency of your payments (monthly, quarterly, bi-monthly).
You can apply for graduated repayment, but the U.S. Department of Education must approve it.
You may be able to work with your school to establish a different repayment plan. Contact your school to find out more.

Repaying Institutional, Private, and State Loans

Repayment options vary for institutional, private, and state loans.

Institutional loans: Contact your school to learn about your repayment options.
Private loans: Contact your lender to find out your repayment options.
State loans: Contact your servicer or your state's office of education to find out your repayment options.

If you do not know if you have institutional, private, or state loans, review your free annual credit report.