Guide to repaying your federal student loans

You have the right to choose a different repayment plan for Federal Student Loans.

There’s never a fee to change your repayment plan.  BUT, switching plans for one with a lower monthly payment often means paying more over the life of your loan.

Now, there are three types of repayment plans:

1. Standard Repayment Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
2. Graduated Repayment Payments are lower at first and then increase, usually every two years, and are for an amount that will ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
3. Extended Repayment Plan Payments may be fixed or graduated, and will ensure that your loans are paid off within 25 years.
4. Revised Pay As You Earn (REPAYE) Your monthly payments will be 10 percent of discretionary income. Payments are recalculated each year and are based on your updated income and family size.
5. Pay As You Earn Repayment Plan (PAYE) Your monthly payments will be 10 percent of discretionary income, but never more than you would have paid under the 10-year Standard Repayment Plan. Payments are recalculated each year and are based on your updated income and family size.
6. Income-Based Repayment (IBR) Your monthly payments will be either 10 or 15 percent of discretionary income (depending on when you received your first loans), but never more than you would have paid under the 10-year Standard Repayment Plan.
7. Income-Contingent Repayment (ICR) Your monthly payment will be the lesser of 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.
8. Income-Sensitive Repayment Your monthly payment is based on annual income, but your loan will be paid in full within 15 years.

Explore repayment plans

To learn more about your repayment options, including details about other plans, total loan costs, and how changing plans could affect your taxes, visit

StudentAid.gov

Enroll in a new plan

To sign up for a different repayment plan for free, visit StudentAid.gov or call your federal student loan servicer.