Choosing a repayment plan
Choosing the right repayment plan for your student loans is your first step toward meeting your financial goals. See which repayment option best meets your needs.
The standard repayment plan offers the lowest overall cost. When you start repaying, your loans are automatically placed into this plan. Your monthly payment amount remains the same over the term of the loan.
Use Sallie Mae's monthly loan payment calculator to see how this plan might work for you.
Lower your monthly payment without the inconvenience of applying for a new loan. Plus you can prepay your loan(s) at any time without penalty. If you have more than $30,000 in federal student loans, this option may be the best choice for you.
With graduated repayment, your monthly payments are lower at the beginning of repayment and increase over the term of the loan.
You can choose to make payments as low as interest-only for up to four years. Payments for the remaining term will then be higher.
Your payments are based on a percentage of your monthly income — from 4% to 25% — as long as you pay at least the interest that accrues every month.
Sallie Mae purchases a borrower's loans held by other Federal Family Education Loan Program (FFELP) lenders or institutions and services them in one account with the borrower's other Sallie Mae-owned loans. Borrowers make one monthly payment and retain the original terms and interest rates on their loans.