Important Announcements

A federal court issued an injunction preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other IDR plans, including – for example – SAVE’s monthly payment formula and loan forgiveness under SAVE, PAYE, and ICR plans. Please check StudentAid.gov/saveaction for more information.

Borrowers can now apply for income-driven repayment (IDR) plans electronically rather than needing to upload an application to our website. Please visit StudentAid.gov/IDR to submit your application. If you already submitted an application through our portal you do not need to apply again.

Edfinancial Updates

Holiday Closings

Our offices will close for the holidays as follows:

  • Wednesday, December 25th
  • Wednesday, January 1st

Please note this may result in a higher-than-average call volume following the holidays. We apologize for any inconvenience, and we hope you have a safe and happy holiday season. You can access your account information 24 hours a day by logging into your online account.

Repayment Plan Comparison

Repayment Plan Eligible Loans Monthly Payment and Time Frame Quick Comparison
Standard Repayment
  • Direct Loans
  • FFELP Loans
  • All PLUS loans
  • All Consolidation Loans
  • Payments are a fixed amount of at least $50 per month.
  • Up to 10 years (up to 30 years for consolidation loans).
 You’ll pay less for your loan over time under this plan than you would under other plans.
Graduated Repayment*
  • Direct Loans
  • FFELP Loans
  • All PLUS loans
  • All Consolidation Loans
  • Payments are lower at first and then increase, usually every two years.
  • Up to 10 years (up to 30 years for consolidation loans)
 You’ll pay more for your loan over time than under the 10-year standard plan.
Extended Repayment*
  • Direct Loans
  • FFEL Loans
  • All PLUS loans
  • All Consolidation Loans
  • Payments may be fixed or graduated.
  • Up to 25 years
  • You must have more than $30,000 in outstanding Direct Loans or FFELP Loans to be eligible for this plan.
  • You’ll pay more for your loan over time than under the 10-year standard plan.
Income-Based Repayment (IBR) Eligible:
  • Direct Stafford
  • Direct Grad PLUS
  • Direct Consolidation Loans that didn’t repay Parent PLUS loans
  • FFEL Stafford
  • FFEL Grad PLUS
  • FFEL Consolidation Loans that didn’t repay Parent PLUS Loans
Eligible if Consolidated:
  • Federal Perkins Loans
  • Generally 10 percent of your discretionary income (15 percent if you’re not a new borrower on or after July 1, 2014**), but never more than the 10-year Standard Repayment Plan amount.
  • Repayment term is 20 years if you’re a new borrower on or after July 1, 2014.
  • Repayment term is 25 years if you’re not a new borrower on or after July 1, 2014.
  • You must have a partial financial hardship.
  • Your monthly payments will be lower than payments under the 10-year Standard plan.
  • If you have not repaid your loan in full after making the equivalent of 20-25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.
Saving on a Valuable Education (SAVE)
(formerly the REPAYE program)		 Eligible:
  • Direct Stafford
  • Direct Grad PLUS
  • Direct Consolidation Loans that didn’t repay Parent PLUS Loans
Eligible if Consolidated:
  • FFEL Stafford
  • FFEL Grad PLUS
  • FFEL Consolidation Loans that didn’t repay Parent PLUS Loans
  • Federal Perkins Loans
  • Generally 10 percent of your discretionary income.
  • Repayment term is 20 years if all loans being repaid on SAVE are undergraduate.
  • Repayment term is 25 years if any loans being repaid under SAVE are graduate.
  • No income requirement to enter plan.
  • Your monthly payments may be lower than payments under the 10-year Standard plan.
  • If you have not repaid your loan in full after you made the equivalent of 20 or 25 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.
  • Monthly interest subsidy.
Pay As You Earn (PAYE) Eligible:
  • Direct Stafford
  • Direct Grad PLUS
  • Direct Consolidation Loans that didn’t repay Parent PLUS Loans
Eligible if Consolidated:
  • FFEL Stafford
  • FFEL Grad PLUS
  • FFEL Consolidation Loans that didn’t repay Parent PLUS loans
  • Federal Perkins Loans
  • Generally 10 percent of your discretionary income, but never more than the 10-year Standard Repayment Plan amount.
  • Repayment term is 20 years.
  • You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011.
  • You must have a partial financial hardship.
  • Your monthly payments will be lower than payments under the 10-year Standard plan.
  • If you have not repaid your loan in full after you made the equivalent of 20 years of qualifying monthly payments, any outstanding balance on your loan will be forgiven.
Income-Contingent Repayment (ICR) Eligible:
  • Direct Stafford
  • Direct Grad PLUS
  • Direct Consolidation Loans (including those that repaid a Parent PLUS Loan)
Eligible if Consolidated:
  • Direct PLUS Loans
  • FFEL Stafford
  • FFEL Grad PLUS
  • FFEL Parent PLUS
  • FFEL Consolidation Loans (including thosee that repaid a Parent PLUS Loan)
  • Federal Perkins Loans
 Your payment is the lesser of:
  • 20 percent of your discretionary income or,
  • What you would pay on a repayment plan with a fixed payment over the course of 12 years, adjusted according to your income.
Repayment term is 25 years.
  • This is the only IDR plan available for parent PLUS borrowers. Parent PLUS Loans must be consolidated into a Direct Consolidation Loan in order to be repaid under ICR.
  • If you do not repay your loan after making the equivalent of 25 years of qualifying monthly payments, the unpaid portion will be forgiven.
Income-Sensitive Repayment
  • FFEL Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans
  • Your monthly payment is based on your annual income.
  • Your payments change as your income changes.
  • You’ll pay more for your loan over time than you would under the 10-year Standard plan.

* Some loans that first entered repayment prior to July 1, 2006 may be eligible for an extended term.

** For the IBR Plan, you’re considered a new borrower on or after July 1, 2014, if you had no outstanding balance on a William D. Ford Federal Direct Loan (Direct Loan) Program loan or Federal Family Education Loan (FFEL) Program loan when you received a Direct Loan on or after July 1, 2014.


Do you need a lower monthly payment?

Read more about the different Lower Payment Options or use the Loan Simulator tool on StudentAid.gov to see which plan is right for you.

Lower Payment Options Loan Simulator

Below you will find descriptions and requirements for each available repayment plan. Not sure of your loan type?



Frequently Asked Questions

Log into your online account to explore various repayment options and to see if you qualify for a reduced payment. You may also contact us for assistance.

If your account is placed on a new repayment option, you will receive a notice by mail or email regarding the details of your new repayment schedule.

In general, the lower your monthly payment, the more interest you will pay over the life of your loan(s). Student loans accrue interest on a daily basis, so the longer you take to pay it back, the more interest you will accrue. You can use the Loan Simulator on StudentAid.gov to determine the amount of interest you would repay under various repayment plans.

Loan Simulator

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