Updated: June 10, 2020

Student Loan Repayment Options

Find the Best Student Loan Repayment Plan for You

A college degree isn't free for most people, and if you borrowed money through student loans, you are responsible for paying it back. Repayment programs determine how much your monthly student loan payment amount and how many years it will take to pay back what you owe.

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Before deciding which repayment program is best for you, you have to know which types of student loans you have, as it can affect your repayment options. While federal student loans have multiple repayment options from which you can choose, private loans are made by lenders with no government involvement and offer less flexibility and options when it comes to repayment. Read about each repayment plan carefully before selecting the one that best fits you.

Standard Repayment Plan

Graduated Repayment Plan

Extended Repayment Plan

Revised Pay As You Earn Repayment Plan (REPAYE)

Pay As You Earn Repayment Plan (PAYE)

Income-Based Repayment Plan (IBR)

Income-Contingent Repayment Plan (ICR)

Repaying Federal Perkins Loans

Federal Perkins Loans were low-interest (5%) federal student loans for undergraduate and graduate students who demonstrate extreme financial need. Schools can no longer offer these loans. If you received a Federal Perkins Loan, contact your school about repayment options.

Student Loan Forgiveness, Cancellation and Discharge

In some instances, you may qualify to have your student loans forgiven, canceled or discharged. This means that you no longer have to repay your federal student loans. For example, some or part of your student loan could be forgiven if you end up teaching or working in public service. You may also qualify for student loan debt relief if your institution closes or you become totally and permanently disabled. Find out what circumstances qualify your loans for forgiveness, cancellation, or discharge.