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