What are the repayment options for a Stafford Loan?

Stafford Loan Benefits:

• Fixed interest rate - as low as 5.6%
  
• No payments while in school at least half-time

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 a monthly payment that starts out low and then increases over time until the loan is paid in full. The required monthly payment is calculated based on your loan debt and interest rate, but it will never be less than the amount of interest that accrues each month.
• 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 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 the types of repayment plans listed above are subject to approval by your lender.

Check out our financial aid forum to post questions and engage in conversation with peers and industry leading financial aid experts.

Stafford Loan Frequently Asked Questions

• Am I eligible for a Stafford Loan?
• How do I apply for a Stafford Loan?
• Are there Stafford Loan deadlines?
• What's the difference between unsubsidized and subsidized loans?
• When do I receive the Stafford Loan funds?
• What are the Stafford Loan interest rates?
• How much can I borrow under a Stafford Loan?
• What is EFC and how is it calculated?
• What can I use a Stafford Loan for?
• Are there specific schools that accept Stafford Loans?
• Why did I receive less than what I thought I would receive in Stafford Loan funds?
• Do I have to apply for a Stafford Loan every academic year?
• Can I receive a Stafford Loan if I have bad credit/declared bankruptcy/have late payments on credit cards?
• How can I bridge the financial gap between the total cost of education (including room and board, fees, books) and the amount of financial aid I was awarded?
• Will I pay any fees for a Stafford Loan?
• What are the repayment options for a Stafford Loan?
• What are the penalties for early payment or if the loan is paid in full before scheduled (deferred) payments begin?
• What are the Stafford Loan cancellation policies?

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