Consolidating private student loans federal student loans
These figures use the 2016 Poverty Guidelines issued by the U. Department of Health and Human Services and Income Percentage Factors issued by the U. For any income-driven repayment plan, periods of economic hardship and periods of repayment under certain other repayment plans will count toward your total repayment period.
S., and that your income increases five percent each year.
Various factors—including your interest rate, your loan debt, your income, and whether (and how quickly) your income rises—may cause your repayment to differ from the estimates shown in these tables. Undergraduate Loan Debt* of ,000 in Direct Unsubsidized Loans and Starting Income of ,000 Under all four plans, any remaining loan balance is forgiven if your federal student loans aren't fully repaid at the end of the repayment period.
Where can I learn more about the income-driven repayment plans? Depending on your income and family size, you may have no monthly payment at all.
on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount Generally 15 percent of your discretionary income if you're not a new borrower on or after July 1, 2014, but never more than the 10-year Standard Repayment Plan amount repayment plans, including income-driven plans.
To view sample payment amounts, look at the tables below.
The following tables provide repayment estimates under the traditional and income-driven repayment plans.
This comparison is important because the income-driven plans may not provide you with the lowest payment amount based on your individual circumstances.
An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. What types of federal student loans can I repay under an income-driven repayment plan? How do I decide which income-driven repayment plan to choose?
We offer four income-driven repayment plans: How is my monthly payment amount calculated under an income-driven repayment plan? How do I apply for an income-driven repayment plan?