Student Loan Private

Generally, you’ll have from 10 to 25 years to repay your student loan, depending on the repayment plan that you choose. Your monthly payment amount will be based on how much you borrowed and how long you take to repay. You may choose one of four repayment plans:

• Standard Repayment Plan - Fixed monthly payments for up to 10 years.
• Extended Repayment Plan - Monthly payments for up to 25 years, depending on the total amount of your Direct Loans. There are fixed and graduated (gradually increasing) payment options.
• Graduated Repayment Plan - Payments that start off lower and then gradually increase, usually every two years. You’ll repay your loan in full within 10 years, depending on the total amount of your Direct Loans.
• Income Contingent Repayment Plan - Your monthly payment is adjusted each year based on your annual income (and your spouse’s income, if you’re married), your family size, and the total amount of your Direct Loans. After 25 years, any unpaid loan amount will be forgiven.

You can change plans at any time. There’s no penalty if you make payments before they are due or pay more than the amount due each month. For more information about these plans see the repayment plan page.