This repayment plan applies only to FFEL loans. The monthly payment is determined by your total monthly income, but you must at least pay the interest incurred. The term of the loan may be extended for up to five years.
The monthly payment depends on your income and family size. The monthly loan payment is usually 10% of your income, and the loan may be canceled after 20 years of eligible payments.
Payment with income verification
The monthly payment is usually 15% of your disposable income and also depends on your family size. The maximum repayment period is 25 years.
Under this proven income-based repayment plan, you pay either 20% of your discretionary income or the amount you would have paid under a fixed 12-year income-based repayment plan - whichever is lower. Payments are made over a maximum of 25 years.
Extended Standard Repayment and Extended Graduate Repayment
To reduce your monthly payments, these plans extend up to 25 years from the traditional 10-year repayment plan.