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Choose the Best Repayment Option


Sign up for automatic debit payments with your Servicer and receive a 0.25% interest rate deduction when you enroll!

You can change your repayment plan!  Your are not stuck.

For more information about your student loan repayment options go to StudentLoans.gov.

Basic Repayment Plans

(Traditional plans for paying off federal student loans.)

STANDARD Payment Plan

You are given this repayment plan automatically.  You will pay a fixed amount per month. 

  • Pro:  You'll pay off your loan faster.
  • Con: Your monthly payment might be high.

Graduated Payment Plan

Monthly payment initially low and increases every two years.

  • Pro:  You'll pay less per month to start.
  • Con:  Your monthly payments will increase even if your income doesn't.

Extended Payment Plan

Monthly payments are lower, over a longer period.  Can be s fixed or graduated amount.

  • Pro: You'll pay less per month.
  • Con: You'll pay more in interest. It will take longer to pay off your loans. 

Income-Driven Plans

(Plans that are sensitive to post-grad income.)

Interest Rate: Depending on the selected plan, you'll pay between 10% and 20% of your discretionary income toward your loans each month.

Timing: Loan balance will be forgiven after making on-time payment for 20-30 years.

Discretionary Income: For income-based repayment plans and loan rehabilitation, discretionary income is the difference between your income and 150% of the poverty guideline for your family size and state of residence.  

Loan Repayment Graph

The Loan Repayment chart above shows cost comparison between repayment plans. The lower your payments and the longer your repayment takes - the more your loan costs due to higher interest paid. That is why, in general, the Extended plan which can cover 25-years is the most expensive, followed by the Income Driven plans, then the Graduated plan, and then the Standard plan, which is less expensive because monthly payments are higher and overall interest charged is lower.

Repayment Example:

This example is based on the average Direct Loan debt for FIT:  $21,000 at and interest rate of 3.9% for someone who is single and living in New York with an income of $34,000 and with a yearly increase of 5%.

Repayment Plan First Monthly
Last Monthly
Total Interest
Total Paid
Standard $212 $212  $4,394 120 months $25,394
Graduated $118 $355  $5,481 120 months $26,481
REPAYE (Revised PAYE) $135 $275  $5,611 133 months $26,611
PAYE (Pay as you earn) $135 $212  $5,756 143 months $26,756
Income based $202 $212 $4,445 121 months $25,445
New Income-Based $135 $212 $5,756 143 months $26,756
Income-Contingent $145 $172 $6,842 177 months $27,842

We suggest that you go to  your Servicer's website, create a login and password for your account, and then use their loan repayment calculator/estimator to get estimated repayment amounts based on your current Direct Loan debt:

If you do not know who your servicer is, log into NSLDS (National Student Loan Data System) with your FSA ID and password, and then clock on one of your loans.