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RealMoney101www.hesaa.org34FederalStafordLoansRepaymentOptionsStandardRepaymentWiththestandardplanyoullpayaxedamounteachmonthuntilyourloansarepaidinull.Yourmonthlypaymentswillbeatleast50andyoullhaveupto10yearstorepayyourloans.Thestandardplanisgoodoryouiyoucanhandlehighermonthlypaymentsbecauseyoullrepayyourloansquicker.Yourmonthlypaymentunderthestandardplanmaybehigherthanitwouldbeundertheotherplansbecauseyourloanswillberepaidintheshortesttimeandyoullthereorepaytheleastininterest.ExtendedRepaymentTobeeligibleortheextendedplanyoumusthavemorethan30000inDirectLoandebtandnooutstandingloanbalancepriorto10-7-98.Undertheextendedplanyouhave25yearsorrepaymentandtwopaymentoptionsxedorgraduated.Fixedpaymentsarethesameamounteachmonthjustlikethestandardplan.Thisisagoodplaniyouwillneedtomakesmallermonthlypayments.Sincetherepaymentperiodwillbe25yearsyourmonthlypaymentswillbelessthanwiththestandardplan.Howeveryouwillpaymoreininterestbecauseyouretakinglongertorepaytheloans.Rememberthatthelongeryourloansareinrepaymentthemoreinterestyouwillpay.GraduatedRepaymentWiththisplanyourpaymentsstartoutlowandincreaseeverytwoyears.Thelengthoyourrepaymentperiodwillbeupto10years.Iyouexpectyourincometoincreasesteadilyovertimethisplanmayberightoryou.Yourmonthlypaymentwillneverbelessthantheamountointerestthataccruesbetweenpay-ments.Althoughyourmonthlypaymentwillgraduallyincreasenosinglepaymentunderthisplanwillbemorethanthreetimesgreaterthananyotherpayment.IncomeContingentRepaymentnotavailableforparentPLUSLoansThisplangivesyouthefexibilitytomeetyourDirectLoanob-ligationswithoutcausingunduenancialhardship.EachyearyourmonthlypaymentswillbecalculatedonthebasisoyouradjustedgrossincomeAGIplusyourspousesincomeiyouremarriedamilysizeandthetotalamountoyourDirectLoans.UndertheICRplanyouwillpayeachmonththelessero20oyourdiscretionaryincomeWhatyouwouldpayonarepaymentplanwithaxedpay-mentoverthecourseotwelveyearsadjustedaccordingtoincomeThemaximumrepaymentperiodis25years.Iyouhaventullyrepaidyourloansater25yearstimespentindeermentoror-bearancedoesnotcountunderthisplantheunpaidportionwillbedischarged.Youmayhoweverhavetopaytaxesontheamountthatisdischarged.Income-BasedRepaymentUnderthisplantherequiredmonthlypaymentwillbebasedonyourincomeduringanyperiodwhenyouhaveapartial-nancialhardship.Yourmonthlypaymentmaybeadjustedan-nually.Themaximumrepaymentperiodunderthisplanmayexceed10years.Iyoumeetcertainrequirementsoveraspeci-edperiodotimeyoumayqualiyorcancellationoanyout-standingbalanceoyourloans.IncomeSensitiveRepaymentTheollowingloansareeligibleorthisrepaymentplanDirectStaordLoansFFELPPLUSLoansFFELPConsolidationLoansUnderthisplanyourmonthlypaymentsIncreaseordecreasebasedonyourannualincomeAremadeoramaximumo10yearsPayAsYouEarnRepaymentThisplanusuallyhasthelowestmonthlypaymentotherepaymentplansthatarebasedonyourincome.Yourpay-StudentLoans