Students who use loans to help pay for college expenses are expected to repay those funds, sometimes with interest. Federal student loans, such as the subsidized and unsubsidized Stafford loans, and Parent and Graduate PLUS loans, are typically deferred while a student is enrolled at least half-time in a degree-seeking program at a Title IV eligible school. Once they are no longer enrolled at least half- time, their loan will be in grace for 6 months or withdraw from the university. For most students, this means they don't have to begin making payments on their student loans until 6 months after they graduate.
Below is a sample repayment schedule for a student whose average loan balance is $30,000 with a 5.05% interest rate. In this example, the student is a Florida resident with an annual adjusted gross income of $40,000. Click on the link for more information on estimating your payments. For information on private loan repayment (loans other than Federal student loans), please contact the financial institution from which you have borrowed or wish to borrow.
| Repayment Type | Payment amount | Duration | Total Paid |
|---|---|---|---|
| Standard | $318/month | 120 months | $38,184 |
| Graduated | $180-$540/month | 120 months | $40,294 |
| Revised Pay As You Earn (REPAYE) | $182-$397/month | 154 months | $42,294 |
| Pay As You Earn (PAYE) | $182-$318/month | 161 months | $42,654 |
| Income-Based Repayment (IBR) | $272-$318/month | 125 months | $38,727 |
| IBR for New Borrowers | $182-$318/month | 161 months | $42,654 |
| Income-Contingent Repayment (ICR) | $233-$274/month | 168 months | $42,138 |