Payment Plans

• Minimum monthly payments start at $50.
• Payments of principal and interest remain the same throughout repayment (10 years max).
• Small changes may occur for variable interest rate loans or due to capitalized interest.

• Initially lower and then increase later in repayment.
• Amount varies throughout repayment.

• Assumes that your income will grow enough to afford increasing payments.
• Initial payments mainly cover interest, not the principal balance.
• You will pay a greater amount of interest than with the standard plan.

Smaller payments over 25 years, instead of the standard 10-year repayment period.

• Only available if your loans were first disbursed on/after October 7, 1998, and your current balance meets the above-mentioned criteria.
  
  For example: If you have $35,000 in outstanding FFELP Loans and $10,000 in FDLP Loans, you can choose extended repayment for the FFELP Loans but not the FDLP Loans.
• Longer repayment period means higher interest costs compared to a standard (level) or graduated plan.

• Based on your eligible federal student loan debt and adjusted gross income (individually or with your spouse, as applicable), your family size, and your state of residence.
• May be less than the interest that accrues each month.
• Are recalculated annually (visit the IBR Calculator on Student Aid on the Web).

• Requires you to qualify by proving you have a partial financial hardship and submitting documentation annually.
• May extend the repayment period past the standard 10 years (25 years maximum).
• Offers loan forgiveness after 25 years once you make the equivalent of 25 years of qualifying monthly payments.
• Not available for parent PLUS Loans, Consolidation Loans that included a parent PLUS Loan, and Direct PLUS Consolidation Loans.
• Learn more about IBR.

1. Download an Income-Based Repayment Plan Request Form (PDF)
2. Complete all required forms/documentation as listed.

3. Mail or fax all required forms/documentation to:

   FedLoan Servicing
   P.O. Box 69184
   Harrisburg, PA 17106-9184

   Fax: (717) 720-1628

• Based on your adjusted gross income (and your spouse's income, if you're married), family size, and the total amount of your eligible loan debt.
• Will initially be at least the interest that accrues each month until your official payment amount is calculated.
• Are recalculated annually (visit the ICR Calculator on the Federal Student Aid website).

• Requires you to provide documentation annually.
• Maximum repayment period is 25 years.
• Offers loan forgiveness after 25 years once you make the equivalent of 25 years of qualifying monthly payments.
• Learn more about ICR.

1. Download and complete an Income Contingent Repayment Plan Request Form (PDF).
2. Submit a copy of your most recent tax return. (If you are married and you and your spouse file separate federal income tax returns, you must also submit documentation of your spouse's current income).

3. Mail or fax your completed application and required documentation to:

   FedLoan Servicing
   P.O. Box 69184
   Harrisburg, PA 17106-9184

   Fax: (717) 720-1628

• Based on your monthly gross income.
• Must at least cover the interest that accrues each month.

• You must re-apply annually.
• More expensive in the long run because you repay the principal at a slower rate.

1. Download and complete an Income Sensitive Application (PDF).
2. Submit documentation of your most recent total monthly gross income from all sources (for example, pay stubs).

3. Mail or fax your completed application and required documentation to:

   FedLoan Servicing
   P.O. Box 69184
   Harrisburg, PA 17106-9184

   Fax: (717) 720-1628