The borrower pays an equal or standard amount each month. All payments include both interest and principal. This plan has the highest initial monthly payment but the lowest cost in total interest paid. Graduated Repayment Loan repayment that is lower at the beginning of repayment and increases during the repayment period.
Early payments cover interest only.
As the monthly payment amount increases, principal is included in the amount paid. The total interest cost is higher over the length of the repayment period with this plan than with the EasyPay Equal repayment plan. EasyPay 3 Step Begins with payments of interest only for the first two years, followed by three years of payments of interest and partial principal, then concludes with payments of interest and principal for the balance of the loan term. Income-Sensitive Repayment Monthly payments for this plan are based on the borrower's expected total monthly gross income and are adjusted annually. The monthly installment can be no less than the amount of accrued interest and no more than three times greater than any other payment.