Income-Sensitive Repayment adjusts your monthly payment annually based on yor total income and student loan debt. The repayment period can be up to 10 years. This repayment period can be up to 25 years. Use the Repayment Plans and Payments chart to estimate your monthly payment based on your loan amount and repayment plan. These plans automatically deduct your payment from your bank account, saving the expense of postage and checks, and insuring your payments are made on time.
Some lenders offer discounts for electronic payments.
Talk to your lender about electronic payment plans to save money on your student loan. These programs offer reduced interest rates or discounts for borrowers who make payments on time. Talk to your lender about the availability of these benefit programs to save money on your student loan. In certain circumstances, you have a right to defer payments on your loan. The type of deferment you receive depends on when you obtained your first student loan.