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Repaying Your Student Loan


Comparison of Repayment Plans

When choosing a repayment plan, consider the total interest accrued and the total amount paid under each option.

Example 1: Loan Balance = $15,000, Interest Rate = 6.8%

  Standard Income-Based Graduated Income-Sensitive Extended Consolidation
Monthly Payment $173 $170 Yr. 1:
$85
Yr. 2-10:
$203
Yr. 1:
$100
Yr. 2:
$170
n/a $133
Term 10 years 10 years 10 years 11 years n/a 15 years
Total Interest $5,714 $5,722 $6,530 $6,658 n/a $8,967
Total Paid $20,714 $20,722 $21,530 $21,658 n/a $23,967

Example 2: Loan Balance = $30,000, Interest Rate = 6.8%

  Standard Income-Based Graduated Income-Sensitive Extended Consolidation
Monthly Payment $345 $170 Yr. 1:
$170
Yr. 2-10:
$406
Yr. 1:
$170
Yr. 2-11:
$345
$208 $229
Term 10 years 18 years 10 years 11 years 25 years 20 years
Total Interest $11,429 $25,847 $13,059 $13,469 $32,466 $24,960
Total Paid $41,429 $55,847 $43,059 $43,469 $62,466 $54,960

Example 3: Loan Balance = $60,000, Interest Rate = 6.8%

  Standard Income-Based Graduated Income-Sensitive Extended Consolidation
Monthly Payment $690 $170 Yr. 1:
$340
Yr. 2-10:
$812
Yr. 1:
$340
Yr. 2-11:
$690
$416 $391
Term 10 years 25 years* 10 years 11 years 25 years 30 years
Total Interest $22,858 $81,981 $26,118 $26,938 $64,933 $80,816
Total Paid $82,858 $98,564 $86,118 $86,938 $124,933 $140,816

Note: The Income-Sensitive Plan is calculated based on an annual salary of $30,000 and 4% monthly gross income allocation to the loan payment. Total interest paid over the life of the loan and the term will vary depending on the percentage of income that the borrower chooses to allocate each year to its loan payment. The Income-Based Plan is calculated based on an annual salary of $30,000 and a family size of one living in the contiguous U.S. Monthly payment amounts under the Income-Based Plan may change annually based upon the borrower's income and family size.

* Any remaining balance, including interest, is forgiven after 25 years of payments.

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