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Loan Repayment & Forgiveness

What is repayment?

Repayment is the process of satisfying your obligation to pay back the money you borrowed to help you pay for your education. For Direct Subsidized Loans and Direct Unsubsidized Loans, the repayment period begins when your grace period ends. Direct PLUS Loans enter repayment when they are fully disbursed (paid out), but you may defer (postpone) making payments while you are enrolled in school at least half-time and for an additional six months after you leave school or drop below half-time enrollment.

What determines the rules of my repayment?

You repay your loan according to a repayment plan that you choose through your loan servicer. The repayment plan you choose determines the amount you pay each month and the number of payments you must make.

Sample Loan Repayment Schedule

The charts below are for estimating purposes only. The estimates are based on the Standard Repayment Plan. Figures are rounded to the nearest whole dollar and represent minimum payments, considering the interest rate used, over a maximum 10 year period. Estimates do not include any interest that may accumulate during periods of deferment or forbearance.

Subsidized/Unsubsidized Loans—6.00% Interest Rate Used

Total Debt at Repayment

Monthly Payment Amount

Total Amount Paid

Total Interest Paid

$5,000

$56

$6,661

$1,661

$10,000

$111

$13,322

$3,322

$25,000

$278

$33,306

$8,306

$50,000

$555

$66,612

$16,612

$100,000

$1,110

$133,225

$33,225

 

PLUS Loans—7.00% Interest Rate Used

Total Debt at Repayment

Monthly Payment Amount

Total Amount Paid

Total Interest Paid

$5,000

$58

$6,967

$1,967

$10,000

$116

$13,933

$3,933

$25,000

$290

$34,833

$9,833

$50,000

$581

$69,665

$19,665

$100,000

$1,161

$139,330

$39,330

 

Use the links below to review additional loan information.