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Loan Repayment

Repayment Options

College Assist offers a choice of repayment options. It's easy to find one that fits into your budget.

Selecting a Repayment Option

When you leave school or drop below half-time enrollment, you will begin your 6-month grace period.

If you have any concerns about your ability to make payments, contact College Assist immediately. Chances are good that there is a repayment option to fit your situation.

Standard Repayment

Standard repayment is the most common payment schedule option and is the option assigned to you if you do not select another plan. Loan(s) are repaid in equal installments over a ten-year period. Your monthly payment is determined by the amount of the loan and the length of the repayment period. Generally, this option is the fastest and most economical method of repayment.

Graduated Repayment

Graduated repayment begins with lower loan payments that increases until the balance of the loan is repaid. The amount of interest paid over the life of the loan is higher with this option than with standard repayment.

Income-Based Repayment

Income-based repayment is available for student borrowers with student loan debt that is high relative to the borrower's income and family size.  The monthly payments are capped at a reasonable percentage of your income and any remaining debt after 25 years is forgiven.  This plan is not available for Parent PLUS Loan borrowers or for consolidation loans that include a Parent PLUS Loan.  Your lender will determine if you are eligible, but you can use the U.S. Department of Education's IBR calculator to estimate your likely payment under IBR. 

Income Sensitive Repayment

Income sensitive repayment begins with a monthly payment amount that is adjusted annually to reflect changes in your income. Your payment is based on your monthly income and student loan debt. This option may be used for a maximum of five years, when the account will be converted to standard or graduated repayment.

Extended Repayment

Extended repayment may be available to you if you borrowed on or after October 7, 1998 and have a considerable outstanding loan balance. The maximum repayment period is 25 years.

location   :   Students & Parents / Managing My Loan / Loan Repayment