Repay My Loans

Repaying your student loans should be strategic. Determine what you can pay and set a goal. Then select a repayment plan that best allows you to achieve that goal.

How do I repay my federal student loans?

Your repayment options will depend on the type of loans you have.  The most common repayment plans include the following:

  • Standard 10-Year Repayment Plan. Monthly payments are based on the loan size and interest rate.  You pay off the entire loan in 120 equal monthly payments, which is the equivalent of 10 years. Income is not considered. You will be placed on a standard plan if you don’t select a repayment plan.
  • Graduated or Extended Standard Repayment Plans. Monthly payments are based on the loan size and interest rate.  You pay off the entire loan in a specified period of time that may be longer than 10 years.
  • Income Driven Repayment (IDR) Plans. Payments and loan term are based on your income.  You must recertify your income each year. There are four different repayment plans under IDR: Revised Pay as you Earn, Pay as you Earn, Income-Based Repayment, and Income-Contingent Repayment.

Caution: If you plan to qualify for the Public Service Loan Forgiveness Program, you must enroll in an IDR plan. Your loans will determine the specific IDR plans you are eligible for.

How do I calculate my monthly payment?

The Federal Student Aid repayment estimator is a helpful tool. You can  sign in using your FSAID to auto populate your current federal student loans, or you can manually enter your student loans. You will be asked for additional information, including your Adjusted Gross Income, to determine the various payment options.

Not sure who your federal student loan servicer is?

Log into the National Student Loan Data System (NSLDS) using your Federal Student Aid (FSA) ID to find out who your servicer is for your federal student loans. You can also call FSA at: 800-433-3243.

What’s next?

Contact your student loan servicer to discuss your options and enroll in a repayment plan. If you have questions or want to get unbiased advice, contact us.

Tip:

Set a repayment goal! If your student loan balance is manageable, the sooner you repay it, the less you will pay in interest and the faster you will be able to move on with your life. If your loan balance is really high, get help. You should still have a strategy.