Loan Repayment

LISTA DE PREPARACIÓN PARA EL PAGO DE PRÉSTAMOS ESTUDIANTILES

Loan Repayment Plans

Standard Repayment Plan

With the standard plan, you’ll pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50, and you’ll have up to 10 years to repay your loans.

Your monthly payment under the standard plan may be higher than it would be under the other plans because your loans will be repaid in the shortest time. For that reason, having a 10-year limit on repayment, you may pay the least interest.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans
  • all Consolidation Loans (Direct or FFEL)
  • Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
  • All borrowers are eligible for this plan.
  • You’ll usually pay less over time than under other plans.
  • Standard Repayment Plan with a 10-year repayment period is not a good option for those seeking Public Service Loan Forgiveness (PSLF).
  • Standard Repayment Plan for Consolidation Loans is not a qualifying repayment plan for PSLF.

To calculate your estimated loan payments, go to the Repayment Estimator.


Graduated Repayment Plan

With this plan, your payments start out low and increase every two years. The length of your repayment period will be up to ten years. If you expect your income to increase steadily over time, this plan may be right for you. Your monthly payment will never be less than the amount of interest that accrues between payments. Although your monthly payment will gradually increase, no single payment under this plan will be more than three times greater than any other payment.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans
  • all Consolidation Loans (Direct or FFEL)
  • Payments are lower at first and then increase, usually every two years, and are for an amount that will ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).
  • All borrowers are eligible for this plan.
  • You’ll pay more over time than under the 10-year Standard Plan.
  • Generally not a qualifying repayment plan for PSLF.

To calculate your estimated loan payments, go to the Repayment Estimator.


Extended Repayment Plan

Under the extended plan, you’ll pay a fixed annual or graduated repayment amount over a period not to exceed 25 years. If you’re a FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans. If you’re a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans. This means, for example, that if you have $35,000 in outstanding FFEL Program loans and $10,000 in outstanding Direct Loans, you can choose the extended repayment plan for your FFEL Program loans, but not for your Direct Loans. Your fixed monthly payment is lower than it would be under the Standard Plan, but you’ll ultimately pay more for your loan because of the interest that accumulates during the longer repayment period.

This is a good plan if you will need to make smaller monthly payments. Because the repayment period will be 25 years, your monthly payments will be less than with the standard plan. However, you may pay more in interest because you’re taking longer to repay the loans. Remember that the longer your loans are in repayment, the more interest you will pay.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans
  • all Consolidation Loans (Direct or FFEL)
  • Payments may be fixed or graduated, and will ensure that your loans are paid off within 25 years.
  • If you’re a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans.
  • If you’re a FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans.
  • Your monthly payments will be lower than under the 10-year Standard Plan or the Graduated Repayment Plan.
  • You’ll pay more over time than under the 10-year Standard Plan.
  • Not a qualifying repayment plan for PSLF.

To calculate your estimated loan payments, go to the Repayment Estimator.


Revised Pay As You Earn Repayment Plan (REPAYE)

Any borrower with eligible federal student loans can make payments under this plan.

Under the REPAYE and ICR Plans, your payment is always based on your income and family size, regardless of any changes in your income. This means that if your income increases over time, in some cases your payment may be higher than the amount you would have to pay under the 10-year Standard Repayment Plan.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS loans made to students
  • Direct Consolidation Loans that do not include PLUS loans (Direct or FFEL) made to parents
  • Your monthly payments will be 10 percent of discretionary income.
  • Payments are recalculated each year and are based on your updated income and family size.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, both your and your spouse’s income or loan debt will be considered, whether taxes are filed jointly or separately (with limited exceptions).
  • Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).
  • Any Direct Loan borrower with an eligible loan type may choose this plan.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.

For more important information about Income-Driven plans go to StudentAid.gov. To calculate your estimated loan payments, go to the Repayment Estimator.


Pay As You Earn Repayment Plan (PAYE)

Each of these plans has an eligibility requirement you must meet to qualify for the plan. To qualify, the payment you would be required to make under the PAYE or IBR plan (based on your income and family size) must be less than what you would pay under the Standard Repayment Plan with a 10-year repayment period.

Under this plan, your monthly payment amount will be based on your income and family size when you first begin making payments, and at any time when your income is low enough that your calculated monthly payment amount would be less than the amount you would have to pay under the 10-year Standard Repayment Plan.

If your income ever increases to the point that your calculated monthly payment amount would be more than what you would have to pay under the 10-year Standard Repayment Plan, you’ll remain on the PAYE or IBR plan, but your payment will no longer be based on your income. Instead, your required monthly payment will be the amount you would pay under the 10-year Standard Repayment Plan, based on the loan amount you owed when you first began repayment under the PAYE or IBR plan. Even if your income continues to increase, your monthly payment will never be more than the 10-year Standard Repayment Plan amount.

During any period when your monthly payment is not based on your income, you still have the option of recertifying your income and family size. If you recertify and your income or family size changes so that your calculated monthly payment would once again be less than the 10-year Standard Repayment Plan amount, your servicer will recalculate your payment and you’ll return to making payments that are based on your income.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS loans made to students
  • Direct Consolidation Loans that do not include (Direct or FFEL) PLUS loans made to parents
  • Your monthly payments will be 10 percent of discretionary income, but never more than you would have paid under the 10-year Standard Repayment Plan.
  • Payments are recalculated each year and are based on your updated income and family size.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return.
  • Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years.
  • You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011.
  • You must have a high debt relative to your income.
  • Your monthly payment will never be more than the 10-year Standard Plan amount.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.

For more important information about Income-Driven plans go to StudentAid.gov. To calculate your estimated loan payments, go to the Repayment Estimator.


Income-Based Repayment Plan (IBR)

Income Based Repayment is a repayment plan for the major types of federal loans made to students. Under IBR, the required monthly payment is capped at an amount that is intended to be affordable based on income and family size. You are eligible for IBR if the monthly repayment amount under IBR will be less than the monthly amount calculated under a 10-year standard repayment plan. If you repay under the IBR plan for 25 years and meet other requirements you may have any remaining balance of your loan(s) cancelled. Additionally, if you work in public service and have reduced loan payments through IBR, the remaining balance after ten years in a public service job could be forgiven.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans made to students
  • Consolidation Loans (Direct or FFEL) that do not include Direct or FFEL PLUS loans made to parents
  • Your monthly payments will be either 10 or 15 percent of discretionary income (depending on when you received your first loans), but never more than you would have paid under the 10-year Standard Repayment Plan.
  • Payments are recalculated each year and are based on your updated income and family size.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return.
  • Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years or 25 years, depending on when you received your first loans.
  • You may have to pay income tax on any amount that is forgiven.
  • You must have a high debt relative to your income.
  • Your monthly payment will never be more than the 10-year Standard Plan amount.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.

For more important information about Income-Driven plans go to StudentAid.gov. To calculate your estimated loan payments, go to the Repayment Estimator.


Income-Contingent Repayment Plan (ICR)

This plan gives you the flexibility to meet your Direct Loans obligations without causing undue financial hardship. Each year, your monthly payments will be calculated on the basis of your adjusted gross income (AGI, plus your spouse’s income if you’re married), family size, and the total amount of your Direct Loans. Under the ICR plan you will pay each month the lesser of:

  • the amount you would pay if you repaid your loan in 12 years multiplied by an income percentage factor that varies with your annual income; or
  • 20 percent of your monthly discretionary income.

If your payments are not large enough to cover the interest that has accumulated on your loans, the unpaid amount will be capitalized once each year. However, capitalization will not exceed 10 percent of the original amount you owed when you entered repayment. Interest will continue to accumulate but will no longer be capitalized (added to the loan principal).

The maximum repayment period is 25 years. If you haven’t fully repaid your loans after 25 years (time spent in deferment or forbearance does not count) under this plan, the unpaid portion will be discharged. You may, however, have to pay taxes on the amount that is discharged.

As of July 1, 2009, graduate and professional student Direct PLUS Loan borrowers are eligible to use the ICR plan. Parent Direct PLUS Loan borrowers are not eligible for the ICR repayment plan. Parent borrowers may consolidate their Direct PLUS Loans or Federal PLUS Loans into a Direct Consolidation Loan and then repay the new consolidation loan under the ICR Plan (though not under any other income-driven plan).

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS Loans made to students
  • Direct Consolidation Loans
  • Your monthly payment will be the lesser of
    • 20 percent of discretionary income, or
    • the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income.
  • Payments are recalculated each year and are based on your updated income, family size, and the total amount of your Direct Loans.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return or you choose to repay your Direct Loans jointly with your spouse.
  • Any outstanding balance will be forgiven if you haven’t repaid your loan in full after 25 years.
  • Any Direct Loan borrower with an eligible loan type may choose this plan.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.
  • Parent borrowers can access this plan by consolidating their Parent PLUS Loans into a Direct Consolidation Loan.

For more important information about Income-Driven plans go to StudentAid.gov. To calculate your estimated loan payments, go to the Repayment Estimator.


Income-Sensitive Repayment Plan

With an income-sensitive plan, your monthly loan payment is based on your annual income. As your income increases or decreases, so do your payments. The maximum repayment period is 10 years. Ask your lender for more information on FFEL Income- Sensitive Repayment Plans.

For eligible loans and other information you can read more by .

Eligible Loans

Monthly Payment and Time Frame

Eligibility and Other Information

  • Subsidized and Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans
  • Your monthly payment is based on annual income, but your loan will be paid in full within 15 years.
  • You’ll pay more over time than under the 10-year Standard Plan.
  • The formula for determining the monthly payment amount can vary from lender to lender.
  • Available only for FFEL Program loans, which are not eligible for PSLF.

For more important information about Income-Driven plans go to StudentAid.gov. To calculate your estimated loan payments, contact your loan servicer or lender.

Additional Information

FSA provides loan information on various subjects, in PDF format at StudentAid.gov, that provides additional information on repayment options and cover other topics you need to consider when managing your loans.

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