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    Using Standard Repayment

    Updated: January 31, 2013

    What You’ll Learn

    • Advantages of the basic, normal plan.
    • What to do if you need lower payments.

    When your grace period runs out, you are automatically enrolled in standard repayment. Unless you choose a different repayment plan, you’ll make the same monthly payment for the next 10 years (120 payments in total).

    Stacking It Up

    Your monthly payment.

    standard chart

    Depending on your financial circumstances and repayment plan, your monthly payment may go up over time. The repayment period will vary for each repayment plan. To find out how long you will be making payments under this repayment plan and how we came up with these numbers, check out the bottom of the page.

    The Basics

    • You are automatically placed into standard repayment once you finish your grace period.
    • Repayment lasts 10 years, or 120 payments.
    • While you may have a higher payment amount, standard repayment generally costs you the least amount of money in the long run.

    Stacking It Up

    The total amount you’ll pay.

    standard chart

    The repayment period will vary for each repayment plan. To find out how long you will be making payments under this repayment plan and how we came up with these numbers, check out the bottom of the page.

    Your monthly payment may be higher than other plans, but you’ll have the loan paid off sooner – and that means you’ll pay less total interest.

    Your Turn!

    Compare repayment plans to see if standard repayment is right for you!

    Get your payment estimate

    Changing Your Repayment Plan

    If you’ve decided that you definitely need to lower your monthly payment, then you’ll need to do the following steps:

    • Step 1: Review your repayment options on SALT. Depending on the type of student loan you have, your options can vary.
    • Step 2: Call your servicer: Your servicer may be able to make the change over the phone, or they may need additional information from you, such as a form.

    Not sure who your servicer is? Visit NSLDS and find all of your federal student loans information, including the name of your servicer.

    What’s NSLDS? Go to NSLDS

    Showing Our Work

    To come up with the numbers above, we used the following information:

    The highlighted rows show the information standard repayment uses to determine loan payments.

    Original Amount Owed$35,000
    Interest Rate6.8%
    Annual Income$25,000
    Monthly Income$2,083
    Family Size1
    Repayment Period300

    If you need forms to apply for income-based repayment, a repayment postponement option, or loan forgiveness, go to our easy-to-use forms page.

    Find forms

    Actualizado: 31 enero 2013
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