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Representative Example: $1,000 loan over a 12-month term would have a total cost, including interest,
a total payback amount of $1,134.72. APR 29.82%. Rates between 5.99% APR and 35.99% APR.
Loan term lengths from 61 days to 72 months for qualified consumers. Advertiser's Disclosure.

FedLoan Repayment Plans: A Comprehensive Guide

If you've taken out a student loan, then you're probably familiar with FedLoan Servicing. FedLoan Servicing is one of the country's largest student loan servicers, managing roughly 8 million student loans for borrowers across the nation. For those who have taken out federal direct student loans, you'll automatically be assigned to FedLoan Servicing once your loan is disbursed. One of the most important aspects of student loans is how you'll be repaying them. Fortunately, FedLoan Servicing offers repayment plans that are tailored to fit the unique needs and financial situations of individual borrowers. Here is a comprehensive guide to the different FedLoan repayment plans available:

Standard Repayment Plan

The Standard Repayment Plan is the default repayment plan for federal student loans. This plan is designed to pay off your loan in equal monthly payments over 10 years. Under this plan, you'll make the same monthly payment until your loan has been paid off entirely. The benefit to this plan is that it keeps your loan payments consistent, allowing you to budget your monthly expenses accordingly.

Extended Repayment Plan

If you're unable to afford the monthly payments on the Standard Repayment Plan, you may want to consider the Extended Repayment Plan. This plan extends your repayment term to up to 25 years, which in turn reduces your monthly payments. However, be prepared to pay more in interest over the life of your loan as a result of the extended repayment term.

Graduated Repayment Plan

The Graduated Repayment Plan is designed for individuals who expect their income to increase over time. Under this plan, your initial monthly payments will be lower and will gradually increase over time. The repayment term can last up to 10 years, and payments will never be less than the total amount of accrued interest.

Income-Based Repayment Plan

The Income-Based Repayment Plan (IBR) is designed for individuals who are experiencing financial hardship. Your monthly payments under this plan are determined by your income and family size, ensuring that you only pay what you can afford each month. You'll need to reapply for this plan each year, and your monthly payments may change accordingly.

Pay As You Earn Repayment Plan

The Pay As You Earn Repayment Plan (PAYE) is a variation of the Income-Based Repayment plan that is specifically designed for individuals with high student debt burdens relative to their income. Under this plan, your monthly payments are capped at 10% of your discretionary income and are recalculated annually based on changes in your income and family size. Any remaining loan balance will be forgiven after 20 years of qualifying payments.

Revised Pay As You Earn Repayment Plan

The Revised Pay As You Earn Repayment Plan (REPAYE) is a variation of the PAYE plan, but is available to all federal student loan borrowers regardless of when they took out their loans. Under this plan, your monthly payments are capped at 10% of your discretionary income and are recalculated annually based on changes in your income and family size. Any remaining loan balance will be forgiven after 20 or 25 years of qualifying payments, depending on whether your loans were for undergraduate or graduate studies. In conclusion, FedLoan Servicing offers several repayment plans that can help make repaying your student loan more manageable. Before choosing a plan, it's important to fully understand the pros and cons of each one, and to choose the plan that best fits your unique financial situation. And remember, if your financial circumstances change, you can always switch to a different plan that better suits your needs.

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Disclosures
Important Disclosures. Please Read Carefully.

This website provides its services free of charge. In order for us to provide a free service to you, we may receive compensation from third-party advertisers. This compensation may affect the manner in which certain products or services may be displayed throughout our website. Please note that not all financial service products or services are available through this website.

Material Disclosure:

The operator of this website is not a lender, and we do not control and are not responsible for the actions of any lender. Not all lenders in our network can provide up to $5,000. The service is not available in all states. Residents of New York are not eligible to use the service to request a loan. We can’t guarantee that your request will be accepted by one of participating lenders. The service is absolutely free. We do not charge you for any service. You may exit the process at any step as you are under no obligation to accept the loan presented. For details on your loan please contact your lender directly. Credit Implications We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score. Our lenders do not look at credit alone so a low score won't necessarily disqualify you. Our lenders also look at income and previous outstanding loans. APR Disclosure Your lender will provide you with the terms and fees of your loan, APR, repayment terms and costs prior to the execution of your loan documents. APRs and repayment terms provided by lenders may vary depending on specific criteria. Representative APRs range from 5.99% to 35.99%. Loans repayment period: minimum 61 Days, maximum 72 months APR is based on the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. APRs may be regulated by state and local laws. As we do not have access to the terms of your loan, so only lenders can provide you with information about your loan terms and rates, renewal policy and the implications of non-payment and late payment.

Lender Network Disclosure

This website is a free no-obligation service which connects consumers who are looking to borrow with lenders who are willing to lend to them. We are not a lender and we don’t provide any loan funds, make lending decisions or influence loan approvals. Lenders in our network each have unique lending criteria and individual terms and conditions. When a lender approves you for a loan, they will provide you with a no-obligation loan offer which you should read carefully before deciding whether to progress with the loan. You are under no obligation to accept any loan offers you are provided with. Using This website allows you to reach a network of lenders who might be able to help with your needs via one quick and easy form. We use our bespoke financial technology to save you time and effort connecting to a lender who can help with your needs,

Credit Check Disclosure

We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. Credit checks may be performed with the 3 reporting credit bureaus: Experian, Equifax, and Trans Union. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score.

We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. Credit checks may be performed with the 3 reporting credit bureaus: Experian, Equifax, and Trans Union. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score.

State Availability Disclosure

Not all This website network lenders operate in all US states. Residents of some US states may not be eligible for installment loan products, due to state legislation requirements. By entering your ZIP code at the start of our loan offer process, you shall be informed of any limitations regarding obtaining a loan if you are resident in certain US states.

Truth in Lending Policy

All lenders in the This website network adhere strictly to the Truth in Lending Act and will provide fully transparent loan offers and contractual agreements as best practice and as required by federal law. Truth in Lending helps protect consumers against predatory and unscrupulous lending. It’s really important to read all paperwork carefully to ensure you understand repayment terms, dates, APR and any other charges associated with your loan. Remember, you are under no obligation to accept any loan offer unless you are completely happy with the terms offered.

When you receive a loan offer via our network, your lender will disclose details of all relevant loan information, including the applicable interest rates, any additional fees there may be, repayment terms, unique terms and conditions and any other key loan information. You should read and understand this information before you decide to progress with the loan offer. It’s important to us that you make informed financial decisions when you use our services. There’s no obligation or pressure to accept any loan offer you are provided with, and you can choose to decline any loan offer made to you.

APR Disclosure

Your lender will provide you with the terms and fees of your loan, APR, repayment terms and costs prior to the execution of your loan documents. APRs and repayment terms provided by lenders may vary depending on specific criteria. Representative APRs range from 5.99% to 35.99%. Loans repayment period: minimum 61 Days, maximum 72 months APR is based on the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. APRs may be regulated by state and local laws. As we do not have access to the terms of your loan, so only lenders can provide you with information about your loan terms and rates, renewal policy and the implications of non-payment and late payment.

Representative Example
APR, Total Loan Costs & All Applicable Fees

Loan Amount $1,000 $2,000 $5,000 $10,000
Interest Rate 24% 19% 13% 8%
Loan Term 12 Months 24 Months 48 Months 60 Months
Fee 3% 5% 8% 10%
Fee Cost $30 $100 $400 $1,000
Repayment $94.56 $100.82 $131.67 $202.28
APR 29.82% 24.12% 18.23% 9.20%
Total Payments $1,134.72 $2,419.68 $6,320.12 $12,136.80
Total Costs $164.72 $519.68 $1,720.12 $3,136.80

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The website collects personal information provided by you and forwards it to partners in our lender network. You are under no obligation to use this website or service to initiate, contact, nor apply for credit or any loan product with any service provider or lender. Loan amounts vary from $100 and $5,000 but not all lenders can provide up to $5,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product.

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