Loan Repayment Information

Students are required to pay back all federal student loans borrowed according to the terms of the Master Promissory Note.  When it comes time to repay your Federal Direct Student Loan, you will need to select a repayment plan. There are several repayment plans to choose from. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose. Consolidation loans also have varying repayment plans. 

Repayment Information

The most common repayment plan options are: Standard, Extended, Graduated, Income Contingent, Income-Driven and Income-Sensitive. For detailed descriptions of each repayment plan option, visit the Federal Student Aid websitePlease Note: students seeking face-to-face guidance may contact One-Stop Student Services in order to schedule an appointment with a Financial Aid Specialist.  

Repayment Estimator

The U.S. Department of Education's Federal Student Aid website features a Repayment Estimator. This is a personalized tool you can use to explore repayment options based on your income. You'll need your federal FSA ID to log in and access your actual loan information.

Sample Loan Repayment Schedules

The following sample loan repayment charts can be used to estimate your loan repayment under the standard repayment plan. These charts are for estimating purposes only. Figures have been rounded up to the nearest whole dollar and represent minimum payments over a maximum of 10 years. Amounts do not include interest that may accumulate during periods of deferment or forbearance. Lower balances may take less than 10 years to repay at the minimum monthly payment of $50. Note: the examples below are based on an average interest rate. For information on the current year interest rate visit the financial aid Loan website

Direct Loan Sample Repayment Schedules

Undergraduate 4.29% Fixed Interest Rate     


Amount
Borrowed  
Monthly
Payment  
# of
Payments  
Total
Interest  
Total
Repaid   
$500 $50 11 $10 $510
$1,000 $50 22 $39 $1,039
$3,500      $50 83 $536 $4,036
$4,500 $52 106 $894 $5,394
$8,000 $92 107 $1,599 $9,599
$10,000 $115 107 $1,999 $11,999
$12,000 $138 107 $2,399 $14,399
$15,000 $173 106 $2,988 $17,988
$20,000 $230 107 $3,998 $23,998
$23,000 $265 107 $4,587 $27,587
$31,000 $357 107 $6,186 $37,186
$40,000 $460 107 $7,996 $47,996
$46,000 $529 107 $9,196 $55,196
$50,000 $575 107 $9,996 $59,996
$57,000 $662 120 $11,478 $68,798

 

Graduate 6.21% Fixed Interest Rate


Amount Borrowed  Monthly Payment  # of Payments  Total Interest  Total Repaid 
$500 $50  11 $14 $515
$1,000 $50 24 $59 $1,059
$3,500 $50 90 $858 $4,358
$4,500 $54 118 $1,484 $5,984
$8,000 $97 118 $2,657 $10,567
$10,000 $121 118 $3,322 $13,322
$12,000 $145 118 $3,986 $15,986
$15,000 $181 118 $4,961 $19,961
$20,000 $242 118 $6,643 $26,643
$23,000 $278 118 $7,618 $30,618
$31,000 $374 118 $10,275 $41,275
$40,000 $483 118 $13,286 $53,286
$46,000 $556 118 $15,278 $61,278
$50,000 $604 118 $16,607 $66,607
$57,000 $695 118 $19,066 $76,566

 

Graduate/Professional and Parent PLUS Loan Sample Repayment Schedule

Parents and Grad PLUS 7.21%


Amount Borrowed  Monthly Report  # of Payments  Total Interest  Total Repaid 
$500 $50 11 $18 $518
$1,000 $50 24 $69 $1,069
$3,500 $50 94 $1,056 $4,556
$4,500 $52 125 $1,872 $6,372
$8,000 $92 126 $3,354 $11,354
$10,000 $115 126 $4,192 $14,192
$12,000 $138 126 $5,030 $17,030
$15,000 $173 125 $6,258 $21,258
$20,000 $230 126 $8,384 $28,384
$23,000 $265 126 $9,611 $32,611
$31,000 $357 126 $12,965 $43,965
$40,000 $460 126 $16,767 $56,767
$46,000 $529 126 $19,282 $65,272
$50,000 $575 126 $20,959 $70,959
$57,000 $662 126 $24,058 $81,558

 

Additional Resources

The Office of Student Financial Assistance (OSFA) offers free resources to help educate students regarding their rights and responsibilities as a student loan borrower. All are found on the Navigating Your Financial Future website, including:

  • Financial Literacy online training module covering Repayment of Student Loan Debt, Managing Your Credit and Managing Your Budget (located under the TRAINING tab for students)
  • Financial Calculators and Wizards (located under the GET STARTED tab for students)
  • Recorded presentations (located under the TRAINING tab for students)
    • Repayment of Your Student Loan Debt
      • Chapter 1: Rights and Responsibilities, Types of Loans, Interest
      • Chapter 2: Repayment Plan Options, Resources to Compare Plans
      • Chapter 3: Delinquency, Default, Where to Find Help   
       
     

FSA Ombudsman Group

 

The Federal Student Aid (FSA) Ombudsman Group of the U.S. Department of Education (ED) is a neutral, informal, and confidential resource to help resolve disputes about federal student loans. The FSA Ombudsman Group should only be contacted as a last resort after efforts to resolve your student loan problems with your lender or servicer have been made.