Student Loan Repayment Plans for Federal Student Loans

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Edspira
Published at : 06 Jan 2021
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This video provides an overview of the different repayment plans that are available for federal student loans in the United States. The standard repayment plan calls for equal payments made over a period of 10 years, but student loan borrowers may choose an extended repayment plan over 25 years (creating a lower monthly payment but paying more in interest over the life of the loan) or a graduated repayment plan (starting out with a low monthly payment and increasing the monthly payment over time). Student loan borrowers may also apply for an income-driven repayment plan, such as Pay As You Earn, Revised Pay As You Earn, Income-based Repayment, and Income-contingent Repayment. These plans over loan forgiveness of the remaining student loan balance after a period of 20 or 25 years. Some of these plans, however, might result in negative amortization (where the loan balance actually increases because the monthly payment is less than the monthly interest accrued) so borrowers should think carefully before selecting a plan. Borrowers who plan to use the Public Service Loan Forgiveness program should seriously consider choosing one of the income-driven repayment plans. Some types of loans aren't eligible for certain repayment plans (e.g., a parent PLUS loan isn't eligible for certain income-driven repayment plans) so check with your loan servicer to see if your loan type qualifies for the repayment plan you have in mind.

This video was funded by a Civic Engagement Fund grant from the Gephardt Institute for Civic and Community Engagement at Washington University in St. Louis.

Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD.
Edspira’s mission is to make a high-quality business education accessible to all people.

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