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Reducing your payment

If your current student loan payment is not affordable with your budget, talk to your lender about the various repayment options you can choose from. Check out a repayment calculator.

Standard repayment: One fixed monthly payment for up to 10 years.

Graduated repayment:  Payments start out low and gradually increase during the repayment period.

Income-sensitive repayment:  Payments are adjusted each year to between 4 percent and 25 percent of your income.

Extended repayment: If you have $30,00 in federal loans made after 1998, you may have up to 25 years to repay.

Income-based repayment: If your loan payments during the year exceed 15 percent of your "discretionary" income, you may limit your payments to 15 percent of your "discretionary" income.

Last update on February 1, 2018