Assumes borrower's income growth over time will cover the increasing loan payments. Total interest paid will be higher than the standard repayment plan. Income-Sensitive Repayment Provides a temporary safety net. Payments that increase or decrease each year as income rises or falls. Ten-year repayment period, which can be extended annually up to five years if payments are less than standard principal and interest.
Lender sets minimum monthly payment.
Minimum payments cannot be less than the interest accruing on the loan. Total interest paid will be higher than the standard repayment plan. You will receive a loan repayment schedule and disclosure from your lender 30 prior to your first payment date. You will be on standard repayment unless you arrange differently.