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Federal Student Loan Repayment Plans

Attorneys with 80 Years of Combined Experience in Florida

If you have a federal student loan and you are interested in reducing your monthly payment to a more manageable amount, our team at LSS Law can help you explore the different repayment plans available. We have ample experience working with individuals facing mounting student debt, and we know how to review the details of complex cases to create personalized repayment plans to improve your financial circumstances.

Some of the different repayment plans we work with include:

  • Standard
  • Graduated
  • Extended
  • Income-driven

LSS Law can help you figure out a student loan repayment plan. Call (954) 932-5377 or contact us online for an in depth strategy session.

About Standard, Graduated, and Extended Repayment Plans

The following repayment plans are not based on your income. While you may save on interest with some of these plans, the monthly payments may be unmanageable for some individuals.

  • The Standard Repayment Plan is the default payment plan selected by your servicer, unless you indicate otherwise and, will be set at a fixed amount for up to 10 years.
  • The Graduated Repayment Plan is similar, but payments are lower at first and then increase, usually every 2 years.
  • The Extended Repayment Plan is up to 25 years, and payments may be fixed or graduated.

Income-Driven Repayment Plans

If your monthly payments under the above plans are not manageable, you may want to consider an Income-Driven Repayment Plan. These plans are designed to make your student loan debt more manageable by reducing your monthly payment amount. Generally, the payment amount is a percentage of your discretionary income, and the percentage is different depending on the plan. Some borrowers are not eligible for all plans, and some plans are better than others, depending on your individual circumstances.

Types of Income-Driven Plans

These Income-Driven Repayment Plans include:

  • EPAYE Plan: The REPAYE Plan (Revised Pay As You Earn) is the newest of the Income-Driven Repayment Plans, having started in October 2015. The REPAYE Plan allows borrowers to cap their monthly student loan payments at 10 percent of their monthly discretionary income. However, this plan could result in higher payments than the Standard Repayment Plan if your income significantly increases. Fortunately, you then have the ability to take advantage of another Income-Driven Repayment Plan.
  • AYE Plan: The PAYE Plan (Pay As You Earn) caps monthly student loan payments at 10 percent of the borrowers’ monthly discretionary income, and the payment is never more than the Standard Repayment Plan amount. However, this plan is available only to a limited number of borrowers, depending on when you borrowed your federal student loans.
  • BR Plan: The IBR Plan (Income-Based Repayment) is the most popular Income-Driven Repayment Plan. It is available to the greatest amount of federal student loan borrowers and has benefits that are not available to some of the other plans. The IBR Plan caps borrowers’ payments at 15 percent of their monthly discretionary income (10 percent for newer borrowers).
  • CR Plan: The ICR Plan (Income-Contingent Repayment) typically results in a higher monthly payment than the REPAYE, PAYE and IBR Plans. However, for borrowers with Parent PLUS loans, this is generally the only Income-Driven Repayment Plan available, if those loans are consolidated.

Let Our Firm Help You

Let us help you determine which repayment plans you qualify for and help you choose the path that could provide you with the most financial relief. Our legal team is aware that each person’s legal situation is unique and requires a different plan. If you have questions about your student loan debt and you would like to schedule an in depth strategy session to discuss your options, we’re ready to help.

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