Federal consolidation loan borrowers have a choice of repayment plans to repay their loans. The lengths of the repayment terms vary depending on the amount being refinanced.

Repayment term chart
Less than $7,500: loan term is 10 years
$7,500-$9,999: 12 year term
$10,000-19,999: 15 year term
$20,000-39,999: 20 year term
$40,000-59,999: 25 year term
$60,000 or more: 30 year term.

Borrowers may choose one of the following repayment terms:

Standard repayment plan: Fixed payments with length of term determined by amount refinanced.

Graduated repayment plan: Several years of interest only payments, followed by fixed payments with length of term determined by amount refinanced.

Extended repayment plan: Fixed payments with length of term determined by amount refianced; for those who are refinancing $30,000 or more, may extend term to 25 years instead of the 20 years listed in payment chart above.

Income contingent or income based repayment plan: 25 year plans; monthly payments are determined annually by reviewing annual income of borrower. Note that consolidated PLUS loans may NOT be repaid using the Income Based repayment plan.