I'm repaying my Direct Consolidation
Loan under the Standard Repayment Plan.
When the average person leaves school with federal student loan debt, they have 10 years to pay back
their loans under a Standard Repayment Plan.
However, since this article aims to provide the basics when it comes to estimating student loan repayments, it focuses on providing a repayment estimation for federal student
loans under the standard repayment plan or the extended repayment plan; these repayment plans assume equal monthly payments.
Without a lower payment, the $ 700 / month I would have needed to pay to student
loans under standard repayment plans would have disqualified me from having the debt / income ratio to buy a house.
The chart below shows the maximum repayment period for a Direct Consolidation Loan or FFEL Consolidation
Loan under the Standard Repayment Plan depending on total education loan indebtedness.
Not exact matches
Under the
standard 10 - year
repayment plan, the grace period raises the monthly payment from $ 380 to $ 388, and the total cost of the
loan by $ 981.
However, it's a specific type of
plan offered by the Department of Education that helps students who can't afford their monthly federal student loan payments under the Standard Repayment P
plan offered by the Department of Education that helps students who can't afford their monthly federal student
loan payments
under the
Standard Repayment PlanPlan.
• Direct Stafford
loans • Direct Consolidation
loans • Perkins and Parent PLUS
loans are only eligible if you consolidate them into a Direct Consolidation
loan and repay them
under the
standard or income - contingent
repayment plan.
It's important to understand that the
Standard Repayment Plan for Direct Consolidation Loans is not the same repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
Repayment Plan for Direct Consolidation Loans is not the same repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan for Direct Consolidation
Loans is not the same
repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
plan as the 10 - Year
Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan, and payments made
under the
Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan for Direct Consolidation
Loans do not usually qualify for PSLF purposes.
NOTE: Payments you make
under a 10 - year
Standard Repayment Plan or under any other Direct Loan Program repayment plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment plan also count tow
Repayment Plan or under any other Direct Loan Program repayment plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment plan also count toward P
Plan or
under any other Direct
Loan Program
repayment plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment plan also count tow
repayment plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment plan also count toward P
plan with payments that are at least equal to what you would have been required to pay
under the 10 - year
Standard Repayment plan also count tow
Repayment plan also count toward P
plan also count toward PSLF.
Without any response or acceptance into an IDR
plan, they end up defaulting on their loans because they can not afford payments under the Standard Repayment P
plan, they end up defaulting on their
loans because they can not afford payments
under the
Standard Repayment PlanPlan.
If you earn a decent salary and keep up with payments
under a
standard repayment plan, the majority of your
loans will be paid off by the end of the ten - year window, minimizing its benefit to you.
The downsides of choosing the extended
repayment plan are that you'll never be eligible for
loan forgiveness as you would with the Pay As You Earn
plan, and you'll end up paying a lot more interest over the life of the
loan than you would
under a
standard 10 - year
repayment plan.
For a teacher earning the average starting salary of $ 36,141 with a typical undergraduate
loan balance, enrolling in an income - based
plan would save her as much as $ 200 a month: she'd pay $ 100 — 150, compared to $ 300
under the
standard 10 - year
repayment plan.
Most borrowers enter
repayment under a
standard payment
plan that pays off the
loan in equivalent monthly payments over the full term of the
loan, but you may be able to choose a different
plan that works better for your current situation.
With millions of graduates struggling to find work that pays a decent salary, many people are unable to make their
loan payments
under the
standard repayment plan.
Under a 10 - year
Standard Repayment Plan, a social worker will be paying about $ 415 a month toward student
loans — barely affording other living expenses.
Any other Direct
Loan Program
repayment plan; but only payments that are at least equal to the monthly payment amount that would have been required under the 10 - year Standard Repayment Plan may be counted toward the required 120
repayment plan; but only payments that are at least equal to the monthly payment amount that would have been required under the 10 - year Standard Repayment Plan may be counted toward the required 120 payme
plan; but only payments that are at least equal to the monthly payment amount that would have been required
under the 10 - year
Standard Repayment Plan may be counted toward the required 120
Repayment Plan may be counted toward the required 120 payme
Plan may be counted toward the required 120 payments.
The
Standard Repayment Plan for Direct Consolidation Loans is not the same repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
Repayment Plan for Direct Consolidation Loans is not the same repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan for Direct Consolidation
Loans is not the same
repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
plan as the 10 - Year
Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan, and payments made
under the
Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF
Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan for Direct Consolidation
Loans do not usually qualify for PSLF purposes.
Payments made
under the
Standard Repayment Plan for Direct Consolidation Loans would qualify for PSLF purposes only if the maximum repayment period was set at 10 years, and that would be the case only if the total amount of the consolidation loan and your other education loan debt was less than
Repayment Plan for Direct Consolidation
Loans would qualify for PSLF purposes only if the maximum
repayment period was set at 10 years, and that would be the case only if the total amount of the consolidation loan and your other education loan debt was less than
repayment period was set at 10 years, and that would be the case only if the total amount of the consolidation
loan and your other education
loan debt was less than $ 7,500.
If you don't request an alternative
plan, you'll make payments on your federal
loans under the
standard 10 - year
repayment plan.
If your student
loan payments
under the
standard repayment plan are destroying your budget, apply for a different
plan.
What other Direct
Loan repayment plans would give me a monthly payment that is at least equal to the payment that would be required under a 10 - Year Standard Repaym
repayment plans would give me a monthly payment that is at least equal to the payment that would be required
under a 10 - Year
Standard RepaymentRepayment Plan?
For both
plans, the amount that would be due
under a 10 - year
Standard Repayment Plan is calculated based on the greater of the amount owed on your eligible loans when you originally entered repayment, or the amount owed at the time you selected the IBR or Pay As You E
Repayment Plan is calculated based on the greater of the amount owed on your eligible loans when you originally entered repayment, or the amount owed at the time you selected the IBR or Pay As You Earn p
Plan is calculated based on the greater of the amount owed on your eligible
loans when you originally entered
repayment, or the amount owed at the time you selected the IBR or Pay As You E
repayment, or the amount owed at the time you selected the IBR or Pay As You Earn
planplan.
For Pay As You Earn, a circumstance in which the annual amount due on your eligible
loans, as calculated
under a 10 - year
Standard Repayment Plan, exceeds 10 percent of the difference between your adjusted gross income (AGI) and 150 percent of the poverty line for your family size in the state where you live.
However, if you're having difficulty making payments, specifically due to the amount of your student
loan (
under any
standard repayment method), Obama's PAYE plan or IBR (Income Based Repayment) may make the most sense
repayment method), Obama's PAYE
plan or IBR (Income Based
Repayment) may make the most sense
Repayment) may make the most sense for you.
The Department of Education has a Public Service
Loan Forgiveness program, where in exchange for working in an approved career field for 10 years, making 120 consecutive on - time monthly payments
under the
standard repayment plan, and following through with their rigorous application process, they will forgive the remainder of your balance after your 120 monthly payments.
The longer you make PSLF - qualifying payments
under a 10 - Year
Standard Repayment Plan, the lower the remaining balance on your
loans will be when you meet all of the PSLF Program's eligibility requirements.
Income - Based
Repayment Plan (IBR Plan): This plan is for you if you are Direct Loan Program and FFEL Program borrower and your payment amount under this plan is less than what you would pay under the 10 - year Standard Repayment P
Plan (IBR
Plan): This plan is for you if you are Direct Loan Program and FFEL Program borrower and your payment amount under this plan is less than what you would pay under the 10 - year Standard Repayment P
Plan): This
plan is for you if you are Direct Loan Program and FFEL Program borrower and your payment amount under this plan is less than what you would pay under the 10 - year Standard Repayment P
plan is for you if you are Direct
Loan Program and FFEL Program borrower and your payment amount
under this
plan is less than what you would pay under the 10 - year Standard Repayment P
plan is less than what you would pay
under the 10 - year
Standard Repayment PlanPlan.
The main disadvantage of this income based
repayment plan is that, you will end up paying more for your loan over time than you would under the 10 - year Standard Repaym
repayment plan is that, you will end up paying more for your loan over time than you would under the 10 - year Standard Repayment P
plan is that, you will end up paying more for your
loan over time than you would
under the 10 - year
Standard RepaymentRepayment PlanPlan.
In fact, if you make all of the required 120 qualifying payments
under the 10 - Year
Standard Repayment Plan, there will be no remaining balance on your
loans to be forgiven.
For example, if you start out making $ 25,000 and have the average student
loan debt for the class of 2017, which was $ 37,172, you would be making monthly payments of $ 406
under the
Standard Repayment Plan.
You must be in an income - driven
repayment plan to take advantage of
loan forgiveness (because,
under the
standard 10 - year
plan, you would not have a balance to forgive.)
Loans are made
under the Federal Direct
Loan and Federal Family Education
Loan Programs are eligible for the
Standard Repayment plan.
You've got a partial financial hardship id your annual federal student
loan payments calculated
under a ten - year
standard repayment plan are greater than 15 % of the difference between your adjusted gross income (and that of a spouse, if you're married and file taxes jointly) and 150 % of the poverty guideline for your family size and state.
• Direct Stafford
loans • Direct Consolidation
loans • Perkins and Parent PLUS
loans are only eligible if you consolidate them into a Direct Consolidation
loan and repay them
under the
standard or income - contingent
repayment plan.
Forgiveness would occur when a borrower has repaid the same total
loan amount they would have repaid
under the
standard repayment plan (In other words, forgiveness after 20 or 25 years would be eliminated and time to forgiveness would vary by borrower).
Monthly payments are lower than
under the 10 - year
standard repayment plan which may increase the total interest cost of the
loan over time.
You will qualify for the IBR if the combined monthly amount you are required to pay on your eligible student
loans under the 10 - year
standard repayment plan is higher than the monthly amount you would be required to pay
under IBR.
Under IBR, monthly student
loan payments will generally be 10 percent of your discretionary income if you're a new borrower on or after July 1, 2014, but these payments will never be higher than the 10 - year
standard repayment plan.
** Any other Direct
Loan repayment plan, but only payments that are at least equal to the monthly payment amount that would have been paid under the Standard Repayment Plan with a 10 - year repayment period may be counted toward the required 120 monthly
repayment plan, but only payments that are at least equal to the monthly payment amount that would have been paid under the Standard Repayment Plan with a 10 - year repayment period may be counted toward the required 120 monthly payme
plan, but only payments that are at least equal to the monthly payment amount that would have been paid
under the
Standard Repayment Plan with a 10 - year repayment period may be counted toward the required 120 monthly
Repayment Plan with a 10 - year repayment period may be counted toward the required 120 monthly payme
Plan with a 10 - year
repayment period may be counted toward the required 120 monthly
repayment period may be counted toward the required 120 monthly payments.
According to Equal Justice Works, a partial financial hardship «exists when the annual amount due on all of a borrower's eligible
loans, as calculated
under a
standard 10 year
repayment plan, exceeds 15 percent of discretionary income.»
Your monthly payments will be either 10 or 15 percent of discretionary income (depending on when you received your first
loans), but never more than you would have paid
under the 10 - year
Standard Repayment Plan.
The minimum monthly payment amount
under the
Standard Repayment Plan will be equal to the amount necessary to repay the loan in full by the end of the repaym
Repayment Plan will be equal to the amount necessary to repay the
loan in full by the end of the
repaymentrepayment term.
The only situation it really makes sense to refinance your Federal student
loans is if you can make payments
under the
Standard 10 - Year
Repayment Plan, don't plan on taking advantage of any forgiveness programs, and don't foresee any financial hardships occurring in the future that could lower your inc
Plan, don't
plan on taking advantage of any forgiveness programs, and don't foresee any financial hardships occurring in the future that could lower your inc
plan on taking advantage of any forgiveness programs, and don't foresee any financial hardships occurring in the future that could lower your income.
To qualify for the extended program, you typically have to have over $ 30,000 in outstanding student
loan debt, and not be able to make payments
under the
standard repayment plan.
If your
loans originated before then, the payment amount
under this
plan will be 15 percent of your after - tax (discretionary) income, but will never exceed the monthly payment amount
under the
standard repayment plan.
Filed
Under: Income Driven
Repayment Plans,
Standard Repayment Plans, Student
Loan Repayment Plans
However, it's a specific type of
plan offered by the Department of Education that helps students who can't afford their monthly federal student loan payments under the Standard Repayment P
plan offered by the Department of Education that helps students who can't afford their monthly federal student
loan payments
under the
Standard Repayment PlanPlan.
Instead, your required monthly payment amount will be the amount you would pay
under a
Standard Repayment Plan with a 10 - year repayment period, based on the loan amount you owed when you initially entered the income - driven repaym
Repayment Plan with a 10 - year repayment period, based on the loan amount you owed when you initially entered the income - driven repayment p
Plan with a 10 - year
repayment period, based on the loan amount you owed when you initially entered the income - driven repaym
repayment period, based on the
loan amount you owed when you initially entered the income - driven
repaymentrepayment planplan.