Guide to repaying your federal student loans

Authored By: Legal Aid Services of Oklahoma, Inc. LSC Funded


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. Fixed Repayment  For example, 10 years of monthly payments that stay the same each year
  2. Graduated Repayment For example,10 years of lower monthly payments based on your remaining loan balance; payments increase over time
  3. Pay As You Earn (PAYE) For example,Up to 20 years of monthly payments based on your family size and income, then any remainder is forgiven

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

Enroll in a new plan

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

Last Review and Update: May 12, 2016

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