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Stafford Loan Repayment Plans

Stafford Loan Repayment Plans - S tafford Loan Repayment...

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Stafford Loan Repayment Plans There are five repayment plans available to Stafford Loan borrowers: (See your Financial Literacy Consultant to discuss the repayment option right for you) Standard Repayment Plan : This will be your repayment plan unless you request another plan from your lender. The plan is designed to enable you to completely repay the loan in 10 years. The minimum monthly payment is $50. Graduated Repayment Plan : Under this plan, your payments will be lower at first and will increase over time. The minimum payment is the amount of interest that accrues between payments. Extended Repayment Plan : This plan is available to FFEL borrowers who received their first loan on or after October 7, 1998, and who borrowed more than $30,000. It also is available to all Direct Loan borrowers. This plan allows borrowers to extend repayment to 12 years or more. Income Sensitive Repayment Plan : This plan sets monthly payment levels based on the borrower’s yearly income and loan amount. Payment amounts can increase or decrease based on the customer’s
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