Student Loan Consolidation Repayment Options

When you consolidate your student loans, you will have a variety of repayment options. Here's a breakdown of those options:

Equal Payments

This option provides equal monthly payments over the term of the loan.

Select 2/Graduated Payments

This option allows for interest-only payments first two years of repayment. In the third year, payments increase to level installments of principal and interest payments for the remaining term of the loan.

Select 5/Graduated Payments

This option allows for interest-only payments first two years of repayment. In the third through fifth years, payments increase to include a portion of principal. In the sixth year, payments increase to level investments of principal and interest payments for the remaining term of the loan.

Income-Sensitive Payments

This option provides for payments to be adjusted annually based on your expected total monthly gross income from employment and all other sources. Your account will initially be disbursed at a gradated Select/2 Graduated repayment plan. After the consolidation loan is disbursed, you must contact your servicer to qualify. Once eligibility is determined, your servicer will calculate your new payment.

Extended Equal Payments

This option allows up to a 30 year repayment term of Equal Payments.

Extended Select 2 Payments

This option allows up to a 30 year repayment term with the Select 2/Graduated Payment plan.

Extended Select 5 Payments

This option allows up to a 30 year repayment term with the Select 5/Graduated Payment plan.

All Extended Repayment Plans are for qualified borrowers with at least $20,000 in eligible loans. Applicants interested in any of the Extended Repayment Plans should contact their Loan Consolidation specialist to determine eligibility.

The length of time you can choose to repay your loan is dependent on your total loan balance, both for those loans you are consolidating and for any additional education loans that you have, but are not consolidating.

Note: maximum repayment period excludes authorized periods of deferment and forbearance.

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