Loan Borrower Information

Many students today are not aware of the loan process, and the huge of amount of problems student default may cause for future endeavors. It is very important as a borrower that you educate yourself about student loans, and the processes in place to help with having repayment success. There are many forms of repayment in which are listed below.

Affordable Repayment Plans

Federal student loans offer several flexible repayment plans:

  • Standard Repayment. Standard repayment is a form of level repayment, offering a fixed monthly payment with a 10-year repayment term.
  • Graduated Repayment. Monthly payments under graduated repayment start off low, increasing every two years. No payment will be more than three times the lowest payment.
  • Income-Based Repayment. Monthly payments under income-based repayment (and variations like income-contingent repayment and pay-as-you-earn repayment) are based on the borrower's discretionary income.
  • Extended Repayment. Like standard repayment, extended repayment offers a fixed monthly payment, but with a repayment term of 10 to 30 years. There are two versions of extended repayment. If the borrower has $30,000 or more in federal education loan debt with a single lender, the borrower can get a 25-year repayment term without consolidating. Otherwise, borrowers who get a federal direct consolidation loan can get repayment terms based on the amount of debt, such as 20 years for $20,000 to $39,999 in debt, 25 years for $40,000 to $59,999 and 30 years for $60,000 or more in debt.

These options are available, in which by contacting your lender they will be able to help you understand which plan would be a better fit for you and your current financial situation. I would strongly urge borrowers to contact the lender upon graduating, or after they have decided to discontinue their educational process. Below you will find a list of potential lenders along with their contact information:

Great Lakes
(800) 236-4300

Sallie Mae
(888) 272-5543


Students can also visit, in which they can do a Financial Aid Review to find out information about their loans as well as the lender who holds the loan.