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2/24/2012 11:20:52 AM
1. Standard Repayment
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.
2. Graduated Repayment
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.
3. Income-Sensitive Repayment
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.
4. Extended Repayment
You'll pay a fixed annual or graduated repayment amount over a period not to exceed 25 years. If you're a Direct Loan borrower, you must have more than $30,000 in outstanding 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.
5. Income-Based Repayment
Under IBR (Income-Based Repayment), 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.
6. Income-Contingent Repayment
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.
You need to be careful about repayment options. I am sorry that I am not able to tell you which option is best for you because your yearly income is changed every year.
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.
2. Graduated Repayment
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.
3. Income-Sensitive Repayment
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.
4. Extended Repayment
You'll pay a fixed annual or graduated repayment amount over a period not to exceed 25 years. If you're a Direct Loan borrower, you must have more than $30,000 in outstanding 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.
5. Income-Based Repayment
Under IBR (Income-Based Repayment), 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.
6. Income-Contingent Repayment
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.
You need to be careful about repayment options. I am sorry that I am not able to tell you which option is best for you because your yearly income is changed every year.
