Reduce Your Payments
Having difficulty making your monthly loan payments? Changing your repayment plan allows you to reduce your monthly payments without penalty.
Examine your financial situation carefully to make sure you are using the repayment plan that best meets your ability to pay.
|If your repayment plan is||Then your monthly payment is|
|Standard||The same throughout the life of the loan (minimum = $50)|
|Graduated||Less now, more later|
|Income-Sensitive||Based on your income|
|Income-Based (IBR)||Based on your income and family size|
|25-Year Extended||Reduced, but you must pay for a longer amount of time|