WARRIOR

We understand that some of the repayment options can be confusing. Here is a list of 8 different repayment options that are currently available. Each situation is unique and one plan is not the best suited option for everyone. Review some of the bullet points below on the various repayment options. We can help you outline your financial plan and then we can provide assistance as to what the best option may be for your specific situation.

Standard Repayment
  • Standard Repayment Plan
  • Graduated Repayment Plan
  • Extended Repayment Plan

What are my options?

Income Based Repayment
  • REPAYE
  • PAYE
  • Income-Based Repayment Plan
  • Income-Contingent Repayment Plan
  • Income-Sensitive Repayment Plan

Standard Repayment Options

Standard Repayment Plan
  • Under the standard repayment plan the payments are a fixed payment for the duration of the loan
  • The loan terms are for up to 10 years (up to 30 if you consolidate your loans)
  • All Direct Sub and Unsub Loans, PLUS loans, Consolidation loans
  • May pay less over time
Graduated Repayment Plan
  • All Sub and Unsub Loans, PLUS, Consolidation Eligible
  • Payments lower at first but increase increments, generally two years
  • Up to 10 years (30 years for Consolidated Loans
Extended Repayment Plan
  • Sub and Unsub Loans, PLUS loans, Consolidated loans eligible
  • Fixed or graduated payments (up to 25 years)
  • Must have more than $30,000
  • Lower monthly payments

Income Based Repayment

Revised Pay as You Earn Repayment (REPAYE)
  • Any Direct Sub and Unsub, PLUS to student, Direct Consolidation
  • 10% of discretionary income (Generally)
  • Recalculated each year
  • Combined household income (no difference if filed jointly or separate)
  • Outstanding balance forgiven after 20 or 25 years
  • Good option potentially for PSLF
Pay As You Earn Repayment Plan (PAYE)
  • Direct Sub and Unsub, PLUS to student, Direct Consolidation
    • Timeline stipulations exist with this repayment option
  • 10% of discretionary income
  • Recalculated each year
  • Combined household income (only if filing joint return)
  • Outstanding balance forgiven after 20 years
  • Payment never be more than 10 year standard plan
  • Good option potentially for PSLF
Income-Based Repayment Plan (IBR)
  • Direct Sub and Unsub, PLUS to student, Direct Consolidation
  • 10 or 15% of discretionary income
  • Recalculated each year
  • Combined household income (only if filing joint return)
  • Outstanding balance forgiven after 25 years
  • Good option potentially for PSLF
Income-Contingent Repayment Plan (ICR)
  • Direct Sub and Unsub, PLUS to student, Direct Consolidation
  • 20% of discretionary income (Generally)
  • Recalculated each year
  • Combined household income
  • Outstanding balance forgiven after 25 years
  • Good option potentially for PSLF
Income-Contingent Repayment Plan (ICR)
  • Sub and Unsub Stafford Loans, FFEL PLUS loans, FFEL Consolidation
  • Monthly payment is based on annual income
  • Never more than 10-year Standard Plan
  • Up to 15 years
  • Determining monthly payment can vary from lender to lender