Loan Repayment Options
There are a variety of repayment options available to borrowers. Among the most popular are:
- Pay as You Earn
- Income-based Repayment (IBR)
- Standard Repayment
- Graduated Repayment
- Extended Repayment
- Income-contingent Repayment (ICR)
If you qualify for the income-based repayment plan (IBR), your loans may be forgiven after 20 or 25 years of on-time payments, depending on when you became a first-time borrower.
If you qualify for the income-based repayment plan (IBR) and work in public service, your loan may be forgiven after 10 years of on-time payments.
For a detailed explanation of all available repayment plans, visit the U.S. Department of Education's website on Repayment Plans.
IBR Calculator
Visit
www.ibrinfo.org to stay up-to-date on the Income-Based Repayment program and try their IBR Calculator to see how a repayment plan based on your income may be able to assist you with your federal student loan payments.