You'll pay more for your loan over time than under the 10-year standard plan. It includes other people only if they live with you now, they receive more than half their support from you now, and they will continue to receive this support from you for the year that you certify your family size. WARNING Here are the different types of repayment plans available: Lump-sum payment A lump-sum payment means that you would pay back the entire amount you owe in one lump sum. Check out this calculator to see how it works. Repayment Plans. You'll pay less interest for your loan over time under this plan than you would under other plans. As a condition of the program, a health professional must make a two year service commitment to practice full-time in a designated medical shortage area in New Mexico. FFELP Loans. You may have to pay income tax on the amount that is forgiven. You may have different repayment plans and deferment or forbearance options available to help you manage your student loan debt. * Some loans that first entered repayment prior to July 1, 2006 may be eligible for an extended term. All GradPLUS loans. Your monthly payments may be lower than payments under the 10-year standard plan. Edfinancial Services: the basics; Edfinancial Services online platform Our offices will be closed for the holidays as follows: Please note this may result in a higher than average call volume following the holidays. You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. Edfinancial Services is a Servicer to Federal Student Aid. There is no minimum monthly payment. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by the Department of Education. All rights reserved. We offer several repayment options so you can afford your monthly student loan payments and make them on time. Other repayment plans may be more affordable. We apologize for any inconvenience, and we hope you have a safe and happy holiday season. Our customer service representatives will help you determine if that is the best plan for you and apply for your new repayment plan. If you are married and file your taxes jointly, and your spouse has eligible student loans, his or her loan debt may also be included as part of your eligible loan debt. To make your payments more affordable, repayment plans can give you more time to repay your loans or can be based on your income. You can visit StudentAid.gov to see a list of our trusted federal student loan servicers, all of which are fully vetted. The Standard Repayment Plan evenly divides payments over 10 years. how Federal Student Aid partners with loan servicers, list of our trusted federal student loan servicers, Income-Driven Repayment Information Center, Thursday, December 31st (closing early at 6:00 p.m. Eastern Time). Use our tool to view a sample statement with tips explaining each section. Visit StudentAid.gov/coronavirus for updates. Payments are calculated each year and are based on your adjusted gross income, family size, and the total amount of your Direct Loans. You can also access your online account 24 hours a day by logging into Manage My Account. This booklet is intended to help individuals who received William D. Ford Federal Direct Loans as students manage the repayment process. If you cannot pay the loan for some reason talk to your lender. Unauthorized access, use, misuse, or modification of this computer system or of the data contained herein or in transit to/from this system constitutes a violation of Title 18, United States Code, Section 1030, and may subject the individual to civil and criminal penalties. S best for you a graduated amount of graduate borrowers in income-driven was... Be at least $ 50, and GradPLUS loans, Direct consolidation loans ( Direct FFEL! Get bigger low and get bigger Updated 07/23/2018 10:54 AM the best to. Loan Servicer that helps borrowers manage the repayment plans available, Income-Based repayment is the best way decide. ( IRS ) the CBO said, is the disproportionate share of graduate student borrowers enroll! Ibr, you must have a safe and happy holiday season ( Direct FFEL. ; federal loans that works for you your income, family size and. Balance of the plans, it sets your monthly payments based on your income family... 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