For Income-Driven Repayment (IDR) Plans
Apply on StudentAid.gov this link will open in a new window to automatically retrieve last year's income tax information from the IRS. Sign in using your Federal Student Aid ID and then select "Apply for Income-Driven Repayment." Follow the instructions to submit your application online.
Call 888-866-4352 (Toll Free) and provide income and family size information. If you select an IDR plan we will send you a prefilled application for review and signature. You will need to send the completed application back to us with any applicable required documentation.
* If your loan(s) is past due or you missed the annual recertification for your repayment plan, please call us for assistance. If applicable, the 36-month period eligible for interest subsidy will not refresh if you change from one IDR plan type to another IDR plan type. Unpaid interest may capitalize (be added to the principal balance).
For All Other Repayment Plans
Call 888-866-4352 (Toll Free) for assistance in evaluating all other repayment plan options, some of which may only require your request by phone.
Income-Based Repayment (IBR) Plan
Recertification: Due Annually
Loan Forgiveness: After 20-25 Years
Important Information:
Your payment is dependent on your income and family size, and payments can be as low as $0 per month.
You must demonstrate need based on your total federal student loan debt, adjusted gross income and family size. If you no longer qualify for a reduced monthly payment, your monthly payment will be set at the 10-year payment.
Monthly payments are generally set at 15% of your discretionary income (10% if you are a new borrower on/after July 1, 2014). They will never be higher than payments under a 10-year Standard Repayment Plan.
On subsidized loans, you do not have to pay the difference between your monthly payment amount and the remaining interest that accrues for your first 3 consecutive years of repayment under the plan.
Any remaining balance may be forgiven after 25 years of qualifying payments (20 years if you are a new borrower on/after July 1, 2014).
Payments on this plan may qualify for the Public Service Loan Forgiveness Program.
The amount of interest you pay over the life of your loan may increase on this plan.
Eligible loan programs: FFELP and Direct Loans. Parent PLUS Loans or Consolidations that include Parent PLUS Loans are not eligible.
Learn more about the eligibility requirements and general information for income-driven repayment plans.
Apply on StudentAid.gov this link will open in a new window to automatically retrieve last year's income tax information from the IRS. Sign in using your Federal Student Aid ID and then select "Apply for Income-Driven Repayment." Follow the instructions to submit your application online. You can create a FSA ID before completing the application.
If your account is past due or you missed the annual recertification for your repayment plan, please contact us for assistance.
Income-Contingent Repayment (ICR) Plan
Recertification: Due Annually
Loan Forgiveness: After 20-25 Years
Important Information:
Payments can be as low as $0 per month.
All Direct Loan borrowers qualify regardless of their income.
Your monthly payments will be set at the lesser of 20% of discretionary income, or a percentage (based on income) of your payment on a standard plan with a 12-year repayment period.
You are responsible for paying all of the interest that accrues.
Any remaining balance may be forgiven after 25 years of qualifying payments.
Payments on this plan may qualify for the Public Service Loan Forgiveness Program.
The amount of interest you pay over the life of your loan may increase on this plan.
Eligible loan program: Direct Loans only. Parent PLUS Loans are not eligible, unless consolidated after July 1, 2006.
Learn more about the eligibility requirements and general information for income-driven repayment plans.
Apply on StudentAid.gov this link will open in a new window to automatically retrieve last year's income tax information from the IRS. Sign in using your Federal Student Aid ID and then select "Apply for Income-Driven Repayment." Follow the instructions to submit your application online. You can create a FSA ID before completing the application.
If your account is past due or you missed the annual recertification for your repayment plan, please contact us for assistance.
Pay As You Earn Repayment (PAYE)
Recertification: Due Annually
Loan Forgiveness: After 20 Years
Important Information:
Your payment is dependent on your income and family size, and payments can be as low as $0 per month.
You must demonstrate need based on your total federal student loan debt, adjusted gross income and family size. If you no longer qualify for a reduced monthly payment, your monthly payment will cap at the 10-year payment.
Monthly payments are generally set at 10% of your discretionary income and will never be higher than payments under a 10-year Standard Repayment Plan.
On subsidized loans, you do not have to pay the difference between your monthly payment amount and the remaining interest that accrues for your first 3 consecutive years of repayment under the plan.
Any remaining balance may be forgiven after 20 years of qualifying payments.
Payments on this plan may qualify for the Public Service Loan Forgiveness Program.
The amount of interest you pay over the life of your loan may increase on this plan.
Eligible loan program: Direct Loans only. Parent PLUS Loans or Consolidations that include Parent PLUS Loans are not eligible.
Learn more about the eligibility requirements and general information for income-driven repayment plans.
Apply on StudentAid.gov this link will open in a new window to automatically retrieve last year's income tax information from the IRS. Sign in using your Federal Student Aid ID and then select "Apply for Income-Driven Repayment." Follow the instructions to submit your application online. You can create a FSA ID before completing the application.
If your account is past due or you missed the annual recertification for your repayment plan, please contact us for assistance.
SAVE (Saving on A Valuable Education)
Recertification: Due Annually
Loan Forgiveness: After 20-25 Years
Important Information:
Your payment is dependent on your income and family size, and payments can be as low as $0 per month.
Monthly payments are generally set at 10% of your discretionary income.
On unsubsidized and subsidized loans, you do not have to pay the difference between your monthly payment amount and the remaining interest that accrues for the time spent on the plan.
If you do not renew on time, you will be placed on an Alternative Repayment Plan and could be subject to payment adjustments when returning to SAVE.
Any remaining balance may be forgiven after 20 years of qualifying payments for borrowers with undergraduate loans or 25 years of qualifying payments for borrowers with any graduate loans.
Payments on this plan may qualify for the Public Service Loan Forgiveness Program.
The amount of interest you pay over the life of your loan may increase on this plan.
Eligible loan programs: Direct Loans only. Parent PLUS Loans or Consolidations that include Parent PLUS Loans are not eligible.
Learn more about the eligibility requirements and general information for income-driven repayment plans.
Apply on StudentAid.gov this link will open in a new window to automatically retrieve last year's income tax information from the IRS. Sign in using your Federal Student Aid ID and then select "Apply for Income-Driven Repayment." Follow the instructions to submit your application online. You can create an FSA ID before completing the application.
If your account is past due or you missed the annual recertification for your repayment plan, please contact us for assistance.
Standard Repayment Plan
This plan sets up equal monthly payments throughout the life of the loan with a minimum monthly payment of $50.
| Loan Amount (based on 8.5% Interest Rate) | $10,000 | $25,000 |
|---|---|---|
| Repayment Period | 120 Payments (10 Years) | 120 Payments (10 Years) |
| Monthly Payment | $123 | $309 |
| Interest Paid | $4,878 | $12,195 |
| Total Amount Paid | $14,878 | $37,195 |
The lower the payment amount, the slower you will repay the principal and the more interest you will pay; thereby, increasing your total debt over the life of the loan. Payment calculations are based on making on time monthly payments.
You may log in to evaluate different repayment plans that could help manage your student loans.
Changes to this plan may be requested by calling 888-866-4352 (Toll Free).
Graduated Repayment Plan
Payments start lower and will increase every two years.
| Loan Amount (based on 8.5% Interest Rate) | $10,000 | $25,000 |
|---|---|---|
| Repayment Period | 120 Payments (10 Years) | 120 Payments (10 Years) |
| Starting Monthly Payment (Years 1 and 2 or first 24 payments) | $88 | $221 |
| Next Monthly Payment (Years 3 and 4 or next 24 payments) | $106 | $265 |
| Next Monthly Payment (Years 5 and 6 or next 24 payments) | $127 | $318 |
| Next Monthly Payment (Years 7 and 8 or next 24 payments) | $153 | $382 |
| Next Monthly Payment (Years 9 and 10 or next 24 payments) | $183 | $459 |
| Interest Paid | $5,819 | $14,529 |
| Total Amount Paid | $15,819 | $39,549 |
The lower the payment amount, the slower you will repay the principal and the more interest you will pay; thereby, increasing your total debt over the life of the loan. Payment calculations are based on making on-time monthly payments.
You may log in to evaluate different repayment plans that could help manage your student loans.
Changes to this plan may be requested by calling 888-866-4352 (Toll Free).
Extended Repayment Plan
Extended repayment of your loan is available to borrowers with more than $30,000 in outstanding FFELP or Direct Loans and who took out their first loans after 10/7/1998. Proof is required if you have student loan debt that is not serviced by MOHELA.
| Loan Amount (based on 8.5% Interest Rate) | $10,000 | $35,000 |
|---|---|---|
| Repayment Period | Must have total loan amount of $30,000 or more | 120 Payments (10 Years) |
| Starting Monthly Payment | N/A | $281 (299 payments) |
| Ending Monthly Payment | N/A | $275 (1 payment) |
| Interest Paid | N/A | $49,542 |
| Total Amount Paid | N/a | $89,542 |
The lower the payment amount, the slower you will repay the principal and the more interest you will pay; thereby, increasing your total debt over the life of the loan. Payment calculations are based on making on-time monthly payments.
You may log in to evaluate different repayment plans that could help manage your student loans.
Changes to this plan may be requested by calling 888-866-4352 (Toll Free).
