A private, fee-based, company not affiliated with the Department of Education. The content on this website is for informational purposes regarding programs available through the Department of Education.

Fees range from $599-$799, optional monthly maintenance fees range from $5-$19 a month.

Loan Repayment & Consolidation

Borrowing money to pay for college is fast and easy. On the other hand, repaying student loans is much harder. There is more to repayment than choosing a plan and making your payments. You need a game plan. You need someone that will always help you consider your finances and your budget to help plan your repayment.

If your plan is to pay off your student loans as quickly as possible, we can help with that. If you want your monthly payment as low as possible we can try to help with that as well. If you have a higher income now but in the future it might decrease, then we can try to create a plan for you. Vice versa, if you need lower payments now but at some point you want to quickly pay off your loans, we could have a game plan for you too.

Continue reading for more information on the different repayment options available.

Repayment programs under the William D Ford Direct Loan Program

Repayment Plan Eligible loans Plan Specifics Comments
Standard
  • Direct Loans
  • Perkins (must have other eligible loans)
  • Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidated Loans
  • Fixed amount/$50 minimum
  • Up to 120 months (10 years)
  • Up to 360 months (30 years when consolidated)

Results in the least amount of interest paid over the life of the loan.

Graduated
  • Direct Loans
  • Perkins (must have other eligible loans)
  • Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidated Loans
  • Payments starts off low and increases every two years by 4.25%
  • Up to 120 months (10 years)
  • Up to 360 months (30 years when consolidated)

Over time, more expensive than the Standard Repayment plan but more affordable in the beginning.

Great for individuals just starting their career.

Extended
  • Direct Loans
  • Perkins (must have other eligible loans)
  • Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidated Loans
  • Payments fixed or graduated
  • Up to 30 years

Could result in lower payments, but it extends repayment term.

You end up paying more interest over time.

Preferred plan for high income borrowers.

Income-Contingent
  • Direct Loans
  • Perkins (must have other eligible loans)
  • PLUS Loans for Parents
  • Direct Consolidated Loans
  • Payments are calculated annually based off 20% of your discretionary income, family size, and student loan debt
  • Repayment length is up to 300 months (25 years)

If the borrower has not paid off the student loan debt after 25 years of qualifying payments, any outstanding balance (principle and interest) will be expunged.

Parent PLUS loans are only eligible for this Repayment plan along with Standard and Graduated.

Income-Based
  • Direct Loans
  • Perkins (must have other eligible loans)
  • Federal Stafford Loans
  • PLUS Loans for Graduate and Professional Borrowers
  • Consolidated Loans (Direct or FFEL but cannot have paid off a Parent PLUS loan)
  • Payments are calculated annually based off 15% of your monthly discretionary income, family size, and student loan debt
  • Repayment length is up to 300 months (25 years)

Requires partial financial hardship.

Payments will be lower than the Standard Repayment plan but more interest will accrue over time.

If the borrower has not paid off the student loan debt after 25 years of qualifying payments, any outstanding balance (principle and interest) will be expunged.

Pay As You Earn
  • Direct Loans
  • Perkins (must have other eligible loans)
  • Federal Stafford Loans
  • PLUS Loans for Graduate and Professional Borrowers
  • Consolidated Loans (Direct or FFEL but cannot have paid off a Parent PLUS loan)
  • Payments are calculated annually based off 10% of your monthly discretionary income, family size, and student loan debt
  • Repayment length is up to 240 months (20 years)
  • Must have a loan disbursements on or after October 1, 2007 and October 1, 2010

Requires partial financial hardship.

Payments will be lower than the Standard Repayment plan, but more interest will accrue over time.

If the borrower has not paid off the student loan debt after 20 years of qualifying payments, any outstanding balance (principle and interest) will be expunged.

Revised Pay As You Earn
  • Direct Loans
  • Perkins (must have other eligible loans)
  • Federal Stafford Loans
  • PLUS Loans for Graduate and Professional Borrowers
  • Consolidated Loans (Direct or FFEL but cannot have paid off a Parent PLUS loan)
  • Payments calculated annually based off 10% of your monthly discretionary income, family size, and student loan debt
  • Repayment length is up to 240 months (20 years)
*Newest repayment added to the William D Ford Direct Loan Program*

Does NOT require financial hardship.

Payments will be lower than the Standard Repayment plan but more interest will accrue over time.

If the borrower has not paid off the student loan debt after 20 years of qualifying payments, any outstanding balance (principle and interest) will be expunged.

Income Driven Repayment (IDR) plans include: Income Based Repayment (IBR), Income Contingent Repayment (ICR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE). All IDR plans offer student loan forgiveness upon completion of the repayment plan. Enrolling into these repayment programs does not eliminate your student loan debt, you must complete the entire repayment program to receive the benefits. These programs are commonly misrepresented as the Obama Student Loan programs but the actual name is the William D Ford Direct Loan program. Please note: You must re-certify your application every year to qualify for the following year.

Additional Information

The following loans have their own rules and options regarding repayment. Before selecting, it can help to speak with a member of our highly-trained representatives to understand how it might impact your payments in the long run.

Federal Perkins Loans

Perkins Loans have fewer repayment options. However, you can postpone payments through Perkins-specific deferments, among other options.

  • 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, bimonthly).
  • 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.

*If you have other eligible loans, you can include Federal Perkins loans in your consolidation and choose to pay under any Income Driven Repayment plans but you will forfeit any benefits you may have for a Perkins loan.*

Stafford and Grad/Professional PLUS

There are six 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 could 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 Program 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 could be an income-based repayment.
  • Combine all your loans into a single loan—with a single payment—by consolidating your loans.
Parent PLUS

Parent PLUS loan borrowers can only choose Standard or Graduated repayment plans. However, you can become eligible for income-contingent repayment by consolidating your parent PLUS loans.

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.

Discharges, deferment and forbearance

Given certain circumstances, including illness or job loss, you may be able to gain permission to defer or temporarily postpone payments. In other cases, such as employment in specified public service jobs, your debt may be expunged after completing your Income Driven Repayment plan while also enrolled in the Public Service Loan Forgiveness programs.

By checking this box, you agree to our Privacy Policy and Terms of Use.

Submitting your applications correctly and in a timely manner could result in lower monthly payments so give us a call today!