• Student Repayment Plans

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Standard Repayment Plan

The Standard Repayment Plan allows you to pay off your federal student loans in the shortest amount of time. This repayment plan saves you money over time because your monthly payments may be slightly higher than payments made under other plans, but you’ll pay off your loan in the shortest time. For this reason, you will pay the least amount of interest over the life of your loan.

Graduated Repayment Plan

Graduated repayment plans are an estimate monthly payment amount for the first two years of the term. This plan usually start out with lower payments and increase over a period of up to 10 years from the date the loan entered repayment. No single payment will be more than three times greater than any other payment. If you anticipate your income to grow steadily over time, this payment option may be the right one for you. In some cases, you may be able to reduce your initial student loan payments by almost 50%. Repayment plans vary by loan type be sure to speak with one of our NCS specialist, to see what repayment options are available to you.

Income Based Plan – (IBR)

This is an estimated monthly payment amount for the first year and total loan payment , based on the information you provided. This repayment amount will be recalculated annually based on your income, and the poverty guidelines.

The (IBR) is designed to reduce monthly payments to assist with making your student loan debt manageable. If you need to make lower monthly payments, this plan may be for you.

To qualify for IBR, you must have a partial financial hardship. You have a partial financial hardship if the monthly amount you would be required to pay on your IBR-eligible federal student loans under a 10-year Standard Repayment Plan is higher than the monthly amount you would be required to repay under IBR. Your payment amount may increase or decrease each year based on your income and family size. Once you’ve initially qualified for IBR, you may continue to make payments under the plan even if you later no longer have a partial financial hardship. Be sure to speak with one of our NCS specialist, to see what repayment options are available to you. CALL NCS NOW TO SEE IF YOU QUALIFY ?877-698-2733.

Income Contingent Plan – (ICR)

If you have a low income but do not qualify for the Income-Based Repayment (IBR) Plan or the Pay As You Earn Repayment Plan, you may want to consider the Income-Contingent Repayment (ICR) Plan. This is an estimated monthly payment amount for the first year and total loan payment , based on the information you provided. This repayment amount will be recalculated annually based on your income, and the poverty guidelines.

Pay As You Earn Plan

If you are facing a partial financial hardship, this plan offers you the lowest monthly payment amount of the repayment plans based on your income, family size and state of residency. Monthly payments under the Pay As You Earn Plan are capped at 10 percent of your discretionary income.

You may be eligible for a 10-year public service forgiveness of the remaining loan balance if you are employed full-time for a public service organization and make 120 on-time, full monthly payments.

If you do not qualify for public service forgiveness, but meet certain other requirements, your remaining balance is forgiven after 20 years of repayment.

Since the Pay As You Earn Plan is based on income, you must submit income documentation each year to your loan service provider. If your income increases from year to year, the monthly payment may be adjusted. However, it will not be more than you would have owed with the 10-year Standard Repayment Plan.

For more information on your repayment plan options complete the short application form or call us at ?877-698-2733.