Repayment Schedules

There are several options available for repayment of your student loan. To help you choose the one right for you, read and evaluate the options.

Level / Standard
Level repayment is the most common payment schedule option. Borrowers repay the loan(s) in equal installments over their repayment period. The minimum monthly payment is determined   More...by the amount of the loan and the length of the repayment period. Generally, this option is the fastest and most economical method of repayment. Use our online calculator to estimate your monthly payment on a level repayment schedule.

Graduated
Borrowers making graduated payments begin repaying their loans at a lower payment amount than normal. The amount increases every two years until the balance of the loan is repaid   More...over a ten year period. The amount of interest paid over the life of the loan is higher with this option than with Level repayment.

Income Sensitive
With an income sensitive repayment schedule, the monthly payment amount is adjusted annually to reflect changes in the borrower's income, based on the total monthly income and   More...student loan debt. This option may be used for a maximum of five years, when the account will be converted to Level or Graduated repayment.

Extended Standard
This option offers you the ability to repay your loan on a standard schedule over a period not to exceed 25 years. To be eligible for this repayment schedule, all of your loans must have   More...been disbursed on or after October 7, 1998, and have a total outstanding principal and interest balance exceeding $30,000. Choosing this option will increase the amount of interest you will pay over the term of your loan.

Extended Graduated
This option offers you the ability to repay your loan on a graduated schedule over a period not to exceed 25 years. To be eligible for this repayment schedule, all of your loans must have   More...been disbursed on or after October 7, 1998, and have a total outstanding principal and interest balance exceeding $30,000. Choosing this option will increase the amount of interest you will pay over the term of your loan.

Click here to apply on-line or download the Repayment type change request form.