Repayment Options

If you are having trouble repaying your student loan, ask your lender about income sensitive or the graduated repayment plans. These are not automatic, you must request them. Remember, prompt payments will help you establish good credit.

Standard Repayment
You will automatically receive a Standard Repayment Plan unless you request either the Income Sensitive or Graduated Repayment Plan. The Standard Repayment Plan has a set payment amount for the life of your loan. You can use the Estimated Standard Repayment Calculator to get monthly repayment estimates.

Income Sensitive Repayment
Payments are adjusted annually based on your current income. Payments must cover at least the interest that accrues between scheduled payments.

Graduated Repayment
Under this plan, payments start low and gradually increase during your repayment. This plan may be good for you if you anticipate your income will increase in the future.

Extended Repayment
The payment term may be extended up to 25 years if the loan balance is $30,000 or more. Contact Student Loans of North Dakota to check if you qualify for this repayment option.

Use the calculator below to get an estimate of what your future monthly payments would be for your federal student loan. The actual amount that your loan holder calculates may vary.

Student loan repayment periods typically last 120 months (10 years), and interest rates range from 2.77 to 9 percent. Most federal student loans require minimum monthly payments of $50.

The minimum annual salary calculation is based on the financial aid industry recommendation that student loan payments not exceed 8 percent of your gross income.  The calculation does not consider high credit card debt or other unsecured debt.

For more information, contact your lender/servicer.