What are the repayment options for a Stafford Loan?

Federal Stafford Loan

  • Fixed interest rate of 6.8%
  • Zero fees (you save 2%)
  • No credit check is required
Apply for the Stafford loan

Federal PLUS Loan

For parents or guardians of undergraduate students. A low interest rate of 8.25% and a viable alternative if you have been declined for, or choose not to take a private student loan.

Learn more about the Parent PLUS Loan

The standard repayment term for this loan is 10 years. You may be able to extend repayment by deferring or consolidating your loans.

You can choose one of the following plans:

  • The Standard Repayment Plan requires you to pay a fixed amount each month based on your principle and interest but will be no less than $50 or the interest that has accrued.
  • The Graduated Repayment Plan allows you to make lower payments at the beginning of repayment then, over time, your payments begin to increase.  Each of your payments must equal the interest accrued on the loan between scheduled payments and initial payments general cover interest only for the first few years.
  • The Income-Sensitive Repayment Plan bases your monthly payment on your yearly income and your loan amount. Payments may change as your income rises or falls.
  • The Extended Repayment Plan is for borrowers with FFELP loans totaling more than $30,000. This plan offers a choice of fixed or graduated payments over a period of up to 25 years.

To consolidate your loans, please visit our federal student loan consolidation page.

Please note that loan deferment does not fix your interest rates, it merely puts payment on hold. To lock into an interest rate, you must consolidate your loans. It is also important to note that the types of repayment plans listed above are subject to approval by your lender.

Do you have a question that hasn't been answered? Contact us and we'll be glad to help you.

Stafford Loan Frequently Asked Questions