Federal Family Education Loan Program (FFELP) Repayment Plans
Federal Family Education Loan Program (FFELP) loans have the quite a few options for repayment. Below is a summary of these plans. You can see what your payment would be under each plan by using this calculator.
Note that no payments made on an FFELP loan will ever count towards Public Service Loan Forgiveness.
| Repayment Plan | Eligible Loan Types | How Payment is Determined |
Lowest Payment Allowed | Maximum Term | Loan Forgiveness At End of Term |
|---|---|---|---|---|---|
| Standard Plan |
|
Same payment every month based on the balance of the loan when you enter repayment | $50 | 10 years except for consolidation loans which may have terms as long as 30 years | No |
| Graduated Repayment |
|
Payments generally start as interest only for two years, then gradually increase every two years after that | $30 | 10 years except for consolidation loans which may have terms as long as 30 years | No |
| Extended Repayment and Extended Graduated Repayment | You must have more than $30K in total FFELP
You must have no loans made earlier than 10/7/1998 to qualify |
Extended repayment has the same payment for the full term of the loan
Extended graduated repayment starts as interest only and gradually increases every two years |
$50 | 25 Years | No |
| Consolidation Loan Standard Plan | FFELP Consolidation Loans | Same payment every month based on the balance of the loan when you enter repayment | $50 | Between 10-30 years depending on your balance | No |
| Income Sensitive Repayment |
|
Payments are based on borrower’s gross income. Varies by lender by borrower can often choose the percentage of that income to be used | At least the monthly interest unless the borrower also requests forbearance | You can use ISR for up to five years depending on the remaining term of your loan. Maximum repayment term is the original term of the loan | No |