Loan Repayment Plans

The most accurate information about your Federal student loans (excluding Title VII and VIII Health Profession Loans) is available in the National Student Loan Data System (NSLDS)

→ Log in using your FSAID (the same username and password as used to sign your FAFSA).
→ You will be able to see a list of your Federal Student Aid History, including servicer contact information.

For more information regarding private loans, contact your servicer for assistance. If you are unsure if you have borrowed a private loan, review your most recent Credit Report for information; you can request a Credit Report online at http://www.annualcreditreport.com

Federal Loan Servicers

If you have borrowed funds under the Federal Direct Loan program, your repayment and processing has been assigned to a servicer; a servicer acts as a middle-man for the Dept of Education in their collection for student loan repayment. You may have received correspondence from one of the servicers below:

 

Cornerstone https://www.mycornerstoneloan.org 1(800) 663-1662
ECSI https://efpls.com 1(866) 313-3797
FedLoan Servicing (PHEAA) https://myfedloan.org 1(800) 699-2908
Granite State – GSMR https://gsmr.org 1(888) 556-0022
Great Lakes Educational Loan Services https://www.mygreatlakes.org 1(800) 236-4300
HESC / Edfinancial https://edfinancial.com 1(855) 337-6884
MOHELA https://mohela.com 1(888) 866-4352
Navient https://www.navient.com 1(800) 722-1300
Nelnet https://www.nelnet.com 1(888) 486-4722
OSLA https://osla.myloanmanager.com 1(405) 556-9200

 

Overview of Direct Loan and FFEL Program Repayment Plans

To estimate your repayment and see different repayment options, go to The U.S. Department of Education’s Federal Student Aid Loan Simulator.

Standard Repayment Plan

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans
  • all Consolidated Loans (Direct or FFEL)

Monthly Payment and Time Frame

Payments are a fixed amount that ensures your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).

Eligibility and Other Information

  • All borrowers are eligible for this plan.
  • You’ll usually pay less over time than under other plans.
  • Standard Repayment Plan with a 10-year repayment period is not a good option for those seeking Public Service Loan Forgiveness (PSLF).
  • Standard Repayment Plan for Consolidation Loans is not a qualifying repayment plan for PSLF.

Graduated Repayment Plan

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans

Monthly Payment and Time Frame

Payments are lower at first and then increase, usually every two years, and are for an amount that will ensure your loans are paid off within 10 years (within 10 to 30 years for Consolidation Loans).

Eligibility and Other Information

  • All borrowers are eligible for this plan.
  • You’ll pay more over time than under the 10-year Standard Plan.
  • Generally not a qualifying repayment plan for PSLF.

Extended Repayment Plan

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans

Monthly Payment and Time Frame

Payments may be fixed or graduated, and will ensure that your loans are paid off within 25 years.

Eligibility and Other Information

  • If you’re a Direct Loan borrower, you must have more than $30,000 in outstanding Direct Loans.
  • If you’re a FFEL borrower, you must have more than $30,000 in outstanding FFEL Program loans.
  • Your monthly payments will be lower than under the 10-year Standard Plan or the Graduated Repayment Plan.
  • You’ll pay more over time than under the 10-year Standard Plan.
  • Not a qualifying repayment plan for PSLF.

Revised Pay As You Earn Repayment Plan (REPAYE)

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS loans made to students
  • Direct Consolidation Loans that do not include PLUS loans (Direct or FFEL) made to parents

Monthly Payment and Time Frame

  • Your monthly payments will be 10 percent of discretionary income.
  • Payments are recalculated each year and are based on your updated income and family size.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, both your and your spouse’s income or loan debt will be considered, whether taxes are filed jointly or separately (with limited exceptions).
  • Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).

Eligibility and Other Information

  • Any Direct Loan borrower with an eligible loan type may choose this plan.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.

Pay As You Earn Repayment Plan (PAYE)

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS loans made to students
  • Direct Consolidation Loans that do not include (Direct or FFEL) PLUS loans made to parents

Monthly Payment and Time Frame

  • Your monthly payments will be 10 percent of discretionary income, but never more than you would have paid under the 10-year Standard Repayment Plan.
  • Payments are recalculated each year and are based on your updated income and family size.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return.
  • Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years.

Eligibility and Other Information

  • You must be a new borrower on or after Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011.
  • You must have a high debt relative to your income.
  • Your monthly payment will never be more than the 10-year Standard Plan amount.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.

Income-Based Repayment Plan (IBR)

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • all PLUS loans made to students
  • Consolidation Loans  (Direct or FFEL) that do not include  Direct or FFEL PLUS loans made to parents

Monthly Payment and Time Frame

  • Your monthly payments will be either 10 or 15 percent of discretionary income (depending on when you received your first loans), but never more than you would have paid under the 10-year Standard Repayment Plan.
  • Payments are recalculated each year and are based on your updated income and family size.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return.
  • Any outstanding balance on your loan will be forgiven if you haven’t repaid your loan in full after 20 years or 25 years, depending on when you received your first loans.
  • You may have to pay income tax on any amount that is forgiven.

Eligibility and Other Information

  • You must have a high debt relative to your income.
  • Your monthly payment will never be more than the 10-year Standard Plan amount.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.

Income-Contingent Repayment Plan (ICR)

Eligible Loans

  • Direct Subsidized and Unsubsidized Loans
  • Direct PLUS Loans made to students
  • Direct Consolidation Loans

Monthly Payment and Time Frame

Your monthly payment will be the lesser of:

 → 20 percent of discretionary income, or

 → the amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income.

  • Payments are recalculated each year and are based on your updated income, family size, and the total amount of your Direct Loans.
  • You must update your income and family size each year, even if they haven’t changed.
  • If you’re married, your spouse’s income or loan debt will be considered only if you file a joint tax return or you choose to repay your Direct Loans jointly with your spouse.

Any outstanding balance will be forgiven if you haven’t repaid your loan in full after 25 years.

Eligibility and Other Information

  • Any Direct Loan borrower with an eligible loan type may choose this plan.
  • You’ll usually pay more over time than under the 10-year Standard Plan.
  • You may have to pay income tax on any amount that is forgiven.
  • Good option for those seeking PSLF.
  • Parent borrowers can access this plan by consolidating their Parent PLUS Loans into a Direct Consolidation Loan.

Income Sensitive Repayment Plan 

Eligible Loans

  • Subsidized and Unsubsidized Federal Stafford Loans
  • FFEL PLUS Loans
  • FFEL Consolidation Loans

Monthly Payment and Time Frame

Your monthly payment is based on annual income, but your loan will be paid in full within 15 years.

Eligibility and Other Information

  • You’ll pay more over time than under the 10-year Standard Plan.
  • The formula for determining the monthly payment amount can vary from lender to lender.
  • Available only for FFEL Program loans, which are not eligible for PSLF.

 

Default Prevention

The main goal of The Default Management Office is to keep all students in repayment by guiding, encouraging and reminding them why they’re enrolled in their respective programs in the first place. We remind students of the value that their degrees hold and the importance of keeping their student loans in good standing for their future. Default Prevention and Management strategies are continuous at Eastern International College and vary over the course of the student life cycle. Default Prevention is a collective effort of all offices Registrar, Bursar, Financial Aid Office, Default Management Office and Dean of Education.    

If you are having difficulty repaying your loans or need assistance in navigating the different options that you may have, you have an advocate at the College in the Default Management Office. It is very important to stay aware of your loans and in contact with your servicers. Remember that you are not alone, and that your servicer(s) are willing to work with you. For assistance, feel free to contact the College’s Default Management Office. 

Default Management Office

(201) 216-9901

evelyn.lopez@eicollege.edu