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Repayment Plans

Standard Repayment
Monthly payments are equal throughout the life of the loan. Interest costs are lower with a standard repayment plan.

Graduated Repayment
May begin with interest payments converting to gradually increased payments, or begin with interest and low principle payments gradually increasing to payout. Total interest costs will be higher than a Standard Repayment Plan due to minimal principal reduction with initial payments. Minimum payments must cover interest due each month.

Income-Sensitive Repayment
Your monthly payments are tied to your income and increases along with your earnings. Your lender will require annual certification of your income. If the certification is not provided, your lender may exercise its right to convert your loan(s) to a Standard Repayment Plan. Total interest costs may be greater than those associated with Graduated or Standard Repayment Plans.

Income-Based Repayment (available on 7/1/09)
Income-Based Repayment (IBR) is a new repayment plan for federal student loans introduced by the College Cost Reduction and Access Act (CCRAA). Starting July 1, 2009, it will help borrowers keep their loan payments affordable with payment caps based on their income and family size.

Click here for more information on the new Income Based Repayment Option

Extended Repayment
If all your student loans were first disbursed on or after October 7, 1998, and you have a minimum of $30,000 in outstanding Federal Family Education Loan Program (FFELP) debt, you may have up to a 25-year repayment term. Additionally, your monthly payments may be set up on a standard or graduated payment schedule. If you choose an extended repayment plan, total interest costs increase as a result of the longer repayment period and could be compounded by the selection of an extended graduated repayment plan.

Borrowers Rights & Responsibilities

Rights - You have the right to:

  • Prepay all or any part of your loan at any time without penalty.
  • Deferment of repayment if you are eligible and if you apply according to the lender's requirements.
  • Receive from your lender (after your loan is fully repaid) a copy of your promissory note or some other document showing that you have discharged your obligation.

Responsibilities - You are responsible for notifying your servicer of:

  • Name changes.
  • Address changes.
  • Telephone number (home & business) changes.
  • SSN changes or discrepancies.
  • Not enrolling at least half time at the school that certified your loan.
  • Withdrawing, dropping below half time, graduating, or transferring schools. You should also notify the lender of any other changes in your status that would affect your loan status. And,
  • You are responsible for repaying your loan(s)

Calculators

These calculators are available to assist you in planning and funding higher education. Unless otherwise noted, calculators are available as part of a partnership between The NHHEAF Network Organizations and Lunch-Money.com.

Loan Calculators
Use these tools to estimate your monthly loan payment and how you can realize the savings from borrower benefits.

College Life Calculators
Use these tools to set a budget for yourself while in college, determine your future grade point average and what your college degree will be worth in the future.

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