Students who use loans to help pay for college expenses are expected to repay those funds, sometimes with interest. Federal student loans, such as the subsidized and unsubsidized Stafford loans, and Parent and Graduate PLUS loans, are typically deferred while a student is enrolled at least half-time in a degree-seeking program at a Title IV eligible school. Once they are no longer enrolled at least half- time, their loan will be in grace for 6 months or withdraw from the university. For most students, this means they don't have to begin making payments on their student loans until 6 months after they graduate.
Below is a sample payment schedule for different student loan repayment plans. Federal Student Aid has a Loan Simulator that students may use to estimate their payments under the different payment plans.
For information on private loan repayment (loans other than Federal student loans), please contact the financial institution from which you have borrowed or wish to borrow.
| Repayment Type | Payment amount | Duration | Total Paid |
|---|---|---|---|
| Standard | $318/month | 120 months | $38,184 |
| Graduated | $180-$540/month | 120 months | $40,294 |
| Pay As You Earn (PAYE) | $182-$318/month | 161 months | $42,654 |
| Income-Based Repayment (IBR) | $272-$318/month | 125 months | $38,727 |
| Income-Contingent Repayment (ICR) | $233-$274/month | 168 months | $42,138 |