What are the repayment plans that I can choose from?
There are four types of repayment options. There are no prepayment penalties for any of these options. • Standard Payments This is the most common method and provides for a fixed monthly payment throughout the life of your loan. • Graduated Payments This option gives you a smaller payment in the beginning of repayment and gradually increases in stages over the course of the repayment period of the loan. This option is best for those that begin working at a low rate but expect their income to rise significantly in the future. • Income sensitive With this option, the amount of your payments will be adjusted annually based on your expected total monthly gross income. Payments may increase or decrease. You will be asked to submit information to assist in determining your new payment which is updated annually. • Extended payments With this option you may repay over a 25-year period on a fixed or graduated payment plan if you have loans totaling between $30,000 and $39,999. Under the other r
