Student Loan Repayment

Perkins and Stafford Loans Repayment Schedule

For both Perkins Loans and Stafford Loans students are given a grace period before they must begin to repay the loans. The grace period begins once you graduate, leave school, or drop below half time status.

Federal Perkins Loans - the grace period is nine months

All Stafford Loans - the grace period is six months

Subsidized loan-during the grace period, you don't have to pay any principal, and you won't be charged interest.

Unsubsidized loan-you don't have to pay any principal, but you will be charged interest. You can either pay the interest as you go along or it will be capitalized (added to the principal loan balance) later.

PLUS Loans ---- do not have a grace period, and payments generally begin sixty days after disbursement of funds.

How Much and For How Long and To Whom?

Perkins Loans: Perkins Loans must be paid back within ten years. The amount paid will depend on how much was loaned. Payments of Perkins loans will be made directly to your school.

Stafford Loans: The repayment periods for Stafford Loans vary from 10 to 30 years depending on whether the loan is a FFEL or a Direct Stafford Loan and depending on which repayment plan you choose. Amount paid will depend on how much was loaned

When it comes time to repay, you can pick a repayment plan that's right for you:

  • A 10-year Standard Plan with a minimum monthly payment of $50
  • An Extended Plan that allows you to repay your loan over a longer period
  • A Graduated Plan with a monthly payment that starts out low and then increases gradually during the repayment period
  • A plan that bases the monthly payment amount on how much money you make. Under FFEL, this plan is called the Income-Sensitive Repayment Plan; under Direct, the plan is called the Income-Contingent Repayment Plan. The terms of these plans vary slightly.

Direct Loan - You'll make payments to us (the U.S. Department of Education) through our Direct Loan Servicing Center.

FFEL Stafford Loan - You'll repay the private lender that made you the loan or the lender's servicing agent.