Student Loan Consolidation Repayment Plans

Choose the repayment plan that works best for you.  There are five ways to save:

Equal Payment Plan - You make equal monthly payments during the entire term of your loan.  You can save money simply by consolidating your eligible loans into one payment

Select 2 - You pay only interest during the first two years of your repayment term.  Payments then increase in year three to include both principal and interest.

Select 5 - You pay interest only during the first two years of your repayment term, followed by three years of slightly higher payments, which include interest, plus a portion of principal.  Regular principal and interest payments begin in year six.

Income Sensitive Repayment - Your monthly payment is calculated based on a percentage of your annual income.

Extended Repayment - If your loan balance is over $ 30,000 (for loans disbursed after October 7, 1998), you may extend the repayment term to 25 years under an Equal Payment or Select Plan.

There is no penalty for prepayment no matter which plan you choose.  In fact, we encourage prepayment so you can reduce the total amount of interest you pay.