Repayment Options

How to Make Payments

The first step to making a payment is finding your Loan Servicer!

Once you know who your loan servicer is, you can create an account and begin paying towards your loans. Enrolling in automatic debit will reduce your interest rate by 0.25%. As a borrower, you are automatically enrolled in a standard 10-year repayment plan. However, you can apply for other repayment plans that may reduce your monthly payments but extend the length of your loan.

Below are the repayment plans and the main differentiating aspects of each.

  • Fixed monthly payments over a 10-year period
  • Qualifies for the Public Service Loan Forgiveness

  • Payments are lower at first and increase over time, usually in 2-year increments.
  • Ensures you pay it off in 10 years

  • Payments may be fixed or graduated
  • Ensures loan repayment within 25 years
  • Generally, for a borrower with > 30,000 in student loan debt
  • You will however pay more over time

  • Payments are set to 10% of discretionary income
  • Payments are recalculated each year based on income and family size
  • The borrower must update income and family size each year, even if they did not change
  • Married individuals who file a joint tax return will have their spouse’s income or loan debt considered
  • Any outstanding balance of your loan after 20 years will be forgiven
  • You will however pay more over time
  • Qualifies for the Public Service Loan Forgiveness
  • Any amount that is forgiven will be taxed

  • Estimates monthly payments to be 10-15% of discretionary income
  • Payments recalculated each year based on income and family size
  • The borrower must update income and family size each year, even if they did not change
  • Married individuals who file a joint tax return will have their spouse’s income or loan debt considered
  • Any outstanding balance will be forgiven after 20 or 25 years
  • Any amount that is forgiven will be taxed

  • Your monthly payment will be the lesser of two:
  • 20 percent of discretionary income, or
  • the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income
  • Payments are recalculated each year based on income and family size
  • The borrower must update income and family size each year, even if they did not change
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return or you choose to repay your Direct Loans jointly with your spouse
  • Any outstanding balance will be forgiven if you haven’t repaid your loan in full after 25 years
  • You will however pay more over time
  • Qualifies for the Public Service Loan Forgiveness
  • Any amount that is forgiven will be taxed

  • Payment based on annual income
  • Loans paid in full within 15 years
  • You will however pay more over time

Use the Loan Simulator to learn more about what plan is best for your student loan debt and current income!