What are the repayment options for a Stafford Loan?
The standard repayment term for this loan is 10 years. You may be able to extend repayment by deferring or consolidating your stafford loans. You can choose one of the following plans: • The Standard Repayment Plan requires you to pay a fixed amount each month based on your principle and interest but will be no less than $50 or the interest that has accrued. • The Graduated Repayment Plan allows you to make lower payments at the beginning of repayment then, over time, your payments begin to increase. Each of your payments must equal the interest accrued on the loan between scheduled payments and initial payments general cover interest only for the first few years. • The Income-Sensitive Repayment Plan bases your monthly payment on your yearly income and your loan amount. Payments may change as your income rises or falls. • The Extended Repayment Plan is for borrowers with FFELP loans totaling more than $30,000. This plan offers a choice of fixed or graduated payments over a period of u
The standard repayment term for this loan is 10 years. You may be able to extend repayment by deferring or consolidating your Stafford loans. You can choose one of the following plans: • The Standard Repayment Plan requires you to pay a fixed amount each month based on your principle and interest but will be no less than $50 or the interest that has accrued. • The Graduated Repayment Plan allows you to make lower payments at the beginning of repayment then, over time, your payments begin to increase. Each of your payments must equal the interest accrued on the loan between scheduled payments and initial payments general cover interest only for the first few years. • The Income-Sensitive Repayment Plan bases your monthly payment on your yearly income and your loan amount. Payments may change as your income rises or falls. • The Extended Repayment Plan is for borrowers with loans totaling more than $30,000. This plan offers a choice of fixed or graduated payments over a period of up to 2
